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Ethereum

TA: Ethereum Just Reversed and $3,700 is Imminent, Here’s Why

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Ethereum gained pace and surpassed the $3,500 level against the US Dollar. ETH price is trading in a positive zone and it could rise further towards $3,700.

  • Ethereum started a fresh increase above the $3,500 resistance level.
  • The price is now trading above $3,400 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise as long as it is above the $3,400 support zone in the near term.

Ethereum Price Extends Rally

Ethereum started a steady increase above the $3,350 resistance zone. ETH was able to climb above the $3,450 level and the 100 hourly simple moving average.

The price even cleared the $3,500 zone. A high is formed near $3,539 and it is now correcting gains. Ether corrected lower below the $3,500 level. It is now trading near the 23.6% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high.

It is now consolidating near the $3,480 zone. There is also a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,540 level.

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Ethereum Price
Source: ETHUSD on TradingView.com

The next major resistance is near the $3,550 level, above which the price might accelerate towards $3,700. Any more gains could set the pace for a larger increase towards the $3,800 level in the near term.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,540 and $3,550 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,450 level.

The first key support is now forming near the $3,400 level. It is close to the 50% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high. Any more losses could lead ether price towards the $3,375 support zone and the 100 hourly simple moving average. The next major support could be near the $3,320 level.

Technical Indicators

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Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.

Major Support Level – $3,400

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Major Resistance Level – $3,550

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Ethereum

Ether tops $4.2k, eyes record high

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The hit five-month highs of over $4,200 earlier today, extending Wednesday’s 7.3% gain – the biggest since Oct. 1. The price chart shows the path of least resistance is to the higher side, and record highs could soon come into play.

Ethereum
  • has convincingly breached the bearish trendline connecting May and September highs. Bitcoin topped similar resistance earlier this month and clocked new record highs of over $66,000 on Wednesday.
  • Ether has also flipped the September high of $4,030 into support.
  • There is little resistance overhead on the way to $4,379 – the record reached in May.
  • The relative strength index (RSI) on the 4-hour chart is signaling overbought conditions with an above-70 print. So, a pullback to former hurdle-turned-support at $4,030 may be seen before a continued rally to lifetime highs.
  • The options market is leaning bullish, with investors buying out-of-the-money or higher strike call options on expectations that U.S. regulators would soon approve an exchange-traded fund (ETF) tied to ether futures contracts.

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Ethereum

Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

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The broader crypto space is fast approaching the $3 trillion mark with approximately 5% gains in 24 hours. Star cryptos of the space Bitcoin and Ethereum seems to be moving side by side with incredible gains from the start of the Q4. Especially, the most valued altcoin outperformed the flagship asset in terms of profits as well as liquidation. Here, we have brought enthralling analytics about the future of the coin!

Ethereum registers Stunning Onchain Activity! 

Looking at the clear picture of the space, Ethereum registered fresh breakthroughs in 24 hours. A recent report from Santiment, a crypto metric platform, highlighted post the launch of the EIP-1559 London hard fork upgrade, the altcoin gained traction of a new user base. Approximately, addresses with 1M to 10M ETH purchased 13.9% of the total coins in circulation in the last 24 hours. The rising activity indicates the increasing interest in the asset.  

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Another exciting report coming out from Skew, a crypto analytics platform. Highlighted that the Open Interest (OI) of CME Ethereum futures surged beyond $1 billion on October 21st, 2021. As the altseason is on the horizon and the Ethereum merger is scheduled to launch in early 2022, traders seem to be showcasing massive confidence towards the asset. 

Meanwhile, ByBt, a crypto analytics platform reported that there were about $27.59 million ETH liquidations took place in 24 hours. Which is more than Bitcoin, where BTC liquidations were about $20.37 million. Despite huge selling pressure, the star altcoin outperformed the most dominant asset with 7.95% profits in 24 hours. Traders are now looking out for long liquidations as the long versus shorts ratio stands at 1.04. 

Ethereum Price Enters Discovery Phase:

Ethereum price has just hit a new ATH of $4,366 and is trading at a decisive phase. As the pattern of the altcoin is entering its crucial compression zone, the breakout could take its value to the moon. The star altcoin is expected to retest between $3600 to $3800 before it begins with another uptrend. If a significant number of buyers fails to uplift the price action from there, then the asset could settle down at support levels between $3,200 and $3400. 

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Collectively, Ethereum price is having immense profits and if its decisive phase ends up on a positive note. Then the star altcoin could trigger the biggest altseason of the decade. The current price action of the coin could slowly pave the way for major altcoins with a larger market cap. Then, traders may shift their attention to coins with stronger fundamentals. From there, meme coins and the rest of the coins could boom. 

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Ethereum

Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

Published

on

The broader crypto space is fast approaching the $3 trillion mark with approximately 5% gains in 24 hours. Star cryptos of the space Bitcoin and Ethereum seems to be moving side by side with incredible gains from the start of the Q4. Especially, the most valued altcoin outperformed the flagship asset in terms of profits as well as liquidation. Here, we have brought enthralling analytics about the future of the coin!

Ethereum registers Stunning Onchain Activity! 

Looking at the clear picture of the space, Ethereum registered fresh breakthroughs in 24 hours. A recent report from Santiment, a crypto metric platform, highlighted post the launch of the EIP-1559 London hard fork upgrade, the altcoin gained traction of a new user base. Approximately, addresses with 1M to 10M ETH purchased 13.9% of the total coins in circulation in the last 24 hours. The rising activity indicates the increasing interest in the asset.  

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Another exciting report coming out from Skew, a crypto analytics platform. Highlighted that the Open Interest (OI) of CME Ethereum futures surged beyond $1 billion on October 21st, 2021. As the altseason is on the horizon and the Ethereum merger is scheduled to launch in early 2022, traders seem to be showcasing massive confidence towards the asset. 

Meanwhile, ByBt, a crypto analytics platform reported that there were about $27.59 million ETH liquidations took place in 24 hours. Which is more than Bitcoin, where BTC liquidations were about $20.37 million. Despite huge selling pressure, the star altcoin outperformed the most dominant asset with 7.95% profits in 24 hours. Traders are now looking out for long liquidations as the long versus shorts ratio stands at 1.04. 

Ethereum Price Enters Discovery Phase:
Ethereum price has just hit a new ATH of $4,366 and is trading at a decisive phase. As the pattern of the altcoin is entering its crucial compression zone, the breakout could take its value to the moon. The star altcoin is expected to retest between $3600 to $3800 before it begins with another uptrend. If a significant number of buyers fails to uplift the price action from there, then the asset could settle down at support levels between $3,200 and $3400.

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Collectively, Ethereum price is having immense profits and if its decisive phase ends up on a positive note. Then the star altcoin could trigger the biggest altseason of the decade. The current price action of the coin could slowly pave the way for major altcoins with a larger market cap. Then, traders may shift their attention to coins with stronger fundamentals. From there, meme coins and the rest of the coins could boom.

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