15.7 C
New York
Sunday, October 1, 2023

Buy now

Ethereum Sets New ATH, Why Dips Remain Attractive In Near-Term

Ethereum extended its rally and it traded to a new all-time high near $3,550 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid near $3,400.

Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,550.
The price is now trading well above $3,400 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting lower, but the bulls are likely to remain active near $3,400.

Ethereum Price Gains Traction
Ethereum formed a new support base above the $3,250 and started a fresh increase. ETH outpaced bitcoin and it broke the $3,400 resistance to start a fresh rally.
It even climbed above the $3,500 level and traded to a new all-time high near $3,550. It is now trading well above $3,400 and the 100 hourly simple moving average. Recently, there was a downside correction from the $3,551 high and the price traded below $3,500.
Ether traded below the 23.6% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high. On the downside, the first major support is near the $3,420 level.

Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high is also near the $3,420 level. The main support is now forming near the $3,400 level. There is also a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD. Any more losses might call for a drop towards the $3,250 support zone in the near term.
More Upsides in ETH?
If Ethereum remains stable above the $3,400 zone, it could start a fresh increase. An immediate resistance on the upside is near the $3,500 level.
A successful close above the $3,500 level could lead ether price towards the $3,550 level. The next key resistance is near $3,620, above which the bulls might aim a test of the $3,750 level in the coming days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower and it is approaching the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,550

Claude Freeman
Claude Freeman
I have been in the Crypto industry for over 10 years. I have seen it grow from a small niche to a global phenomenon. I have written for some of the most popular publications in the space, including CoinDesk and Bitcoin Magazine. I am currently working on my second book, which is about the history of money and how cryptocurrency is changing the way we think about it.

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,145.27
ethereum
Ethereum (ETH) $ 1,683.25
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 215.44
xrp
XRP (XRP) $ 0.518822
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,681.66
solana
Solana (SOL) $ 23.14
cardano
Cardano (ADA) $ 0.260265
dogecoin
Dogecoin (DOGE) $ 0.062498
tron
TRON (TRX) $ 0.088722
the-open-network
Toncoin (TON) $ 2.07
polkadot
Polkadot (DOT) $ 4.19
matic-network
Polygon (MATIC) $ 0.553967
litecoin
Litecoin (LTC) $ 66.88
bitcoin-cash
Bitcoin Cash (BCH) $ 235.85
chainlink
Chainlink (LINK) $ 7.98
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,172.28
shiba-inu
Shiba Inu (SHIB) $ 0.000007
dai
Dai (DAI) $ 0.999911
true-usd
TrueUSD (TUSD) $ 0.998921
uniswap
Uniswap (UNI) $ 4.54
leo-token
LEO Token (LEO) $ 3.68
avalanche-2
Avalanche (AVAX) $ 9.59
stellar
Stellar (XLM) $ 0.112828
monero
Monero (XMR) $ 146.78
okb
OKB (OKB) $ 43.38
ethereum-classic
Ethereum Classic (ETC) $ 16.42
binance-usd
BUSD (BUSD) $ 1.00
cosmos
Cosmos Hub (ATOM) $ 7.31
hedera-hashgraph
Hedera (HBAR) $ 0.050380
filecoin
Filecoin (FIL) $ 3.37
lido-dao
Lido DAO (LDO) $ 1.66
internet-computer
Internet Computer (ICP) $ 3.24
maker
Maker (MKR) $ 1,534.93
crypto-com-chain
Cronos (CRO) $ 0.051067
aptos
Aptos (APT) $ 5.55
quant-network
Quant (QNT) $ 90.10
mantle
Mantle (MNT) $ 0.396832
vechain
VeChain (VET) $ 0.017243
arbitrum
Arbitrum (ARB) $ 0.946377
near
NEAR Protocol (NEAR) $ 1.15
optimism
Optimism (OP) $ 1.39
kaspa
Kaspa (KAS) $ 0.050918
aave
Aave (AAVE) $ 68.98
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,822.62
the-graph
The Graph (GRT) $ 0.091019
algorand
Algorand (ALGO) $ 0.103925
whitebit
WhiteBIT Coin (WBT) $ 5.16
usdd
USDD (USDD) $ 0.998453