TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

Ethereum surged 15% and it traded to a new all-time high near $1,475 against the US Dollar. ETH price is currently correcting lower, but it is likely to remain well bid above $1,350.

Ethereum started a fresh surge above the $1,350 and $1,400 resistance levels. The price traded as high as $1,476 and it is now well above the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but the bulls are likely to remain active near $1,350 and $1,360. Ethereum Price is Gaining Bullish Momentum

In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH outperformed bitcoin and it rallied above the $1,400 resistance level.

There was also a close above the $1,400 level and the 100 hourly simple moving average. Ether gained 15% and it traded to a new all-time high near the $1,476 level. The price is currently correcting lower and trading below the $1,450 level.

There was a break below the 23.6% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high. An initial support on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.

<img data-lazyloaded="1" src="https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18.png" loading="lazy" class="alignnone size-full wp-image-455153" alt="Ethereum Price" width="1828" height="868" data-srcset="https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18.png 1828w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-460×218-1.png 460w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-860×408-1.png 860w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-768×365-1.png 768w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-1536×729-1.png 1536w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-750×356-1.png 750w, https://alltopcash.com/wp-content/uploads/2021/01/Ethereum-18-1140×541-1.png 1140w" data-sizes="(max-width: 1828px) 100vw,

Keep reading this article on Newsbtc.com.

Leave a Reply