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NewsBTC 2021-08-24 05:08:11

TA: Ethereum Forms Bullish Pattern, Why ETH Could Continue Higher

Ethereum tested the $3,380 zone before it corrected lower against the US Dollar. ETH price is still trading above $3,300 and it might attempt another upside break. Ethereum started a fresh increase above the $3,300 and $3,320 resistance levels. The price is now trading above $3,250 and the 100 hourly simple moving average. There is a key bullish flag forming with resistance near $3,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if there is a clear break above $3,340 and $3,350. Ethereum Price Consolidates Gains Ethereum settled above the $3,300 resistance and climbed further higher. ETH price even traded above $3,350, but it failed to clear $3,380. Recently, there was a downside correction below $3,350, similar to bitcoin. There was a break below the 23.6% Fib retracement level of the upward move from the $3,130 swing low to $3,380 high. It is now trading above $3,250 and the 100 hourly simple moving average. There is a key bullish flag forming with resistance near $3,340 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,340 and $3,350 levels. A clear break above the channel resistance and $3,350 might call for more gains. Source: ETHUSD on TradingView.com The next key resistance is now forming near the $3,280 level. Any more gains may possibly call for a move towards the $3,500 level in the near term. An intermediate resistance may possibly be near t...



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