ETHEREUM EXTENDS RALLY‚ WHY ETH COULD RALLY FURTHER ABOVE $5‚000

Updated: 11/09/2021 04:41
Hyip Monitor
ethereum extends rally why eth could rally further above 5k
Ethereum extended rally and traded to a new all-time high above $4800 against the US Dollar ETH could continue to rise above $4900 and $5000 in the near
Sponsored Links

Ethereum extended rally and traded to a new all-time high above $4,800 against the US Dollar. ETH could continue to rise above $4,900 and $5,000 in the near term.

Ethereum gained pace above the $4,650 and $4,750 resistance levels.
The price is now trading above $4,750 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally above the $4,850 resistance in the near term.

Ethereum Price Aims More Upsides


Ethereum started a fresh increase above the $4,550 and $4,600 resistance levels. ETH gained pace above the $4,650 resistance zone and the 100 hourly simple moving average.

The price even climbed above $4,750 and traded to a new all-time high. It traded as high as $4,822 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,577 swing low to $4,822 high.

It is also trading well above $4,750 and the 100 hourly SMA. Besides, there is a key bullish trend line forming with support near $4,780 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $4,820 level. The next major resistance is near the $4,850 level. A break above the $4,850 level may possibly spark a fresh rally. The next key resistance is near the $5,000 level. Any more gains could lead the price towards the $5,200 level in the near term.

Dips Supported in ETH?


If ethereum fails to climb above the $4,820 and $4,850 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,800 level and the trend line.

The first major support is near the $4,750 level. The next major support is also near the $4,700 level. It is close to the 50% Fib retracement level of the upward move from the $4,577 swing low to $4,822 high. Any more downsides could lead the price towards the $4,620 support and the 100 hourly SMA. The next major support for the bulls is near the $4,550 level.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $4,650
Major Resistance Level – $4,850


About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like