CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
NewsBTC 2024-11-12 03:18:57

Ethereum Price Moves Up, Yet Lags Behind Bitcoin’s Momentum

Ethereum price started a fresh increase above the $3,120 resistance. ETH is showing positive signs but struggling to catch up Bitcoin’s momentum. Ethereum started a fresh increase above the $3,000 resistance zone. The price is trading above $3,120 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,230 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $3,350 resistance. Ethereum Price Eyes Steady Increase Ethereum price started a fresh increase above the $2,880 resistance like Bitcoin. ETH was able to climb above the $3,000 and $3,120 resistance levels to move further into a positive zone. It even surged above the $3,250 level in the past few sessions. It is up over 5% and there was a move above $3,350. A high is formed at $3,390 before there was a minor pullback. There was a move below the 23.6% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high. Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,230 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high. On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,390 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,680 resistance zone. Are Dips Limited In ETH? If Ethereum fails to clear the $3,350 resistance, it could start a downside correction. Initial support on the downside is near the $3,280 level. The first major support sits near the $3,250 zone and the trend line. A clear move below the $3,250 support might push the price toward $3,150. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,250 Major Resistance Level – $3,350

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.