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Tag: Momentum

  • Ethereum Gains Momentum, Why Bulls Could Aim More Upsides

    Ethereum Gains Momentum, Why Bulls Could Aim More Upsides

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    Ethereum started a fresh increase above $4,200 against the US Dollar. ETH could gain pace if there is a clear  break above $4,250 in the near term.

    • Ethereum was able to climb above the $4,150 and $4,200 resistance levels.
    • The price is now trading above $4,120 and the 100 hourly simple moving average.
    • There is a key bullish trend line forming with support near $4,180 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase if it clears the $4,250 and $4,260 resistance levels.

    Ethereum Price Could Rise Further

    Ethereum started a from increase from the $4,000 support zone. ETH was able to clear the $4,120 resistance zone and the 100 hourly simple moving average.

    Ether price even traded above the $4,200 resistance zone. A high was formed near $4,253 and the price is now correcting lower. It traded below the $4,220 level. An immediate support is near the $4,180 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,965 swing low to $4,253 high.

    There is also a key bullish trend line forming with support near $4,180 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,240 level.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The next major resistance is near the $4,260 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,320 level. Any more gains could lead the price towards the $4,500 level.

    Dips Supported in ETH?

    If ethereum fails to continue higher above the $4,240 and $4,260 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,180 level and the trend line.

    A break below the trend line could push the price towards the $4,100 support level. It is close to the 50% Fib retracement level of the upward move from the $3,965 swing low to $4,253 high. The main support is near the $4,080 level and the 100 hourly SMA. Any more downsides could lead the price towards the $3,950 support.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $4,180

    Major Resistance Level – $4,260

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  • Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

    Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

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    Bitcoin price extended its recovery above the $36,000 zone against the US Dollar. BTC topped near $36,700 and it is now correcting gains.

    • Bitcoin started a fresh increase above the $35,000 and $36,000 resistance levels.
    • The price is now trading nicely above $35,000 and the 100 hourly simple moving average.
    • There is a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair is likely to start a downside correction below $35,700 and $35,500 in the near term.

    Bitcoin Price is Correcting Gains

    Bitcoin started a steady increase after it settle above the $34,000 level. BTC broke the key $35,000 barrier and the 100 hourly simple moving average to move further into a positive zone.

    The price even spiked above the $36,500 resistance. It traded as high as $36,698 and it is now correcting gains. There was a break below the $36,500 and $36,000 levels. It even traded below the 23.6% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high.

    Bitcoin is still trading nicely above $35,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    If the pair fails to stay above the trend line support, it could start a downside correction below $35,500. The next key support is near the $35,200 level. It is near the 50% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high. Any more losses might call for an extended decline towards the $34,000 support zone in the coming sessions.

    Fresh Increase in BTC?

    If bitcoin remains stable above the trend line support, it could rise further above the $36,000 resistance. An immediate resistance on the upside is near the $36,500 level.

    The next key resistance is near $36,700, above which the bulls are likely to aim a fresh high above $37,000. Any more gain could lift the price towards the $38,000 resistance. The next major barrier is near the $40,000 zone.

    Technical indicators:

    Hourly MACD – The MACD is slowly losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.

    Major Support Levels – $35,700, followed by $35,200.

    Major Resistance Levels – $36,000, $36,500 and $38,000.

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