Ethereum’s Rally Extended Above $3400 But Dips Remain Attractive

Ethereum’s rally extended above $3400 and traded to a new all-time high against the US dollar. The price is correcting gains but could remain well bid above $3100 as dips remain attractive so let’s read more in our latest Ethereum news today.

Ethereum remained in a strong uptrend and broke the $3400 level with the price now trading well above the $3200 and the 100 hourly simple moving average. There’s also another bullish trend lien forming a support near the $3200 on the hourly charts of the pair that could correct lower but the bulls will remain active near $3100 and $3000.

Ethereum is now following a strong bullish path above the $3000 resistance and even outpaced BTC and it surged above the $3200 level with a 10% raise and the price broke the $3400 level. It traded to a new ATH near $3456 and it settled nicely above the 100 simple moving average. The price is now correcting the gains and traded below the $3320 level with a new break below the 50% fib retracement level from the rally at $3088 low to $3456 high. The immediate support on the downside is close to the $3250 level and there’s a major bullish trend line forming with the support near $3220 on the hourly charts of the pair.

The trend line is now close to the 61.8% fib retracement level from the rally at $3088 low to $3456 high. The next support is near the $3080 level below which the price could extend the losses and in this case, it could revisit the $2950 support and the 100 hourly simple moving average. If ETH remains stable above the trend lien support it could continue rising and the initial resistance on the upside is now near the $3320 level. The first major resistance is close to the $3440 level with an upside break that could open the doors for a new upside. Ethereum’s rally extended higher and the next major stop could be the $3550 or higher. The hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI for the pair is still above the 50 levels.

Also, as we reported recently, Vitalik Buterin becomes billionaire as the cryptocurrency hit $3000 recently to a new all-time high with the crypto holdings doubling since January 2021 to surge above $1 billion.

Source: https://www.dcforecasts.com/ethereum-news/ethereums-rally-extended-above-3400-but-dips-remain-attractive/