ETH remains supported given its long-term upward trajectory
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After hitting a new all-time high above $4,800, Ethereum traded to a new 8-day low below $4,650. Ether could start a fresh rally unless there is a break above $4,950.
- Ethereum started a downside correction below $4,750 and $4,700 yesterday.
- The price of Ethereum is now trading above $4,650 and the average price of the past 100 hours.
- In the short term, a bearish trend line with resistance near $5,000 on the hourly chart of ETH/USD was breached.
- The price of the pair is expected to rise.
Ethereum price is starting to see an increase in value.
The price of Ethereum rose above $4,650 and $4,700 resistance levels. In the past 24 hours, Ethereum has steadily climbed above $4,650 and $4,700. In the next few days, Ethereum may climb above $4,750 and the 100 hourly SMA.
The price climbed above $4,800 and traded to a new all-time high. It traded as high as $4,839 and is now correcting gains. There was a break below the $4,750 support level and the trend line. Ethereum is one of the best performing assets of the year. The price even climbed above $4,800 and traded to a new all-time high today. It topped out at $4,839 and is currently correcting gains.
On the upside, $4,720 is seen as immediate resistance. A break above $4,720 could possibly lead to a fresh rally. The next key resistance is near $4,750. On the downside, $4,500 was seen, A resistance on the upside is near $4,720. If the price surpasses this level, it will be likely to test $4,750. $4,750 will be a major hurdle for further gains.
Are you in support of an ETH network that can add extra transactions when there are dips, i.e., a cryptocurrency that can handle dips?
If ethereum cannot climb above the $4,720 and $4,750 levels it may continue to decrease in value. An initial support level is near the $4,680 and a 100 hour moving average.
Ethereum’s price is down more than 50% from its all-time highs. If the cryptocurrency fails to climb above $4,720 and $4,750 and drop below $4,680 and $4,660, it could continue, If ethereum fails to climb higher, it could still drop lower.
The first major support is also near the $4,600 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Any more downsides. The 50% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high is also near the first major support of $4,600. Any more declines may perhaps push the price towards the resistance line.
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The next key resistance is near $4,750. On the downside, $4,500 was seen, A resistance on the upside is near $4,720. If the price surpasses this level, it will be likely to test $4,750. $4,750 will be a major hurdle for further gains.
Originally posted 2022-09-07 21:29:34.