Aayush Jindal
Key Highlights
- Ethereum found support near $3,450 and started a decent upward move.
- ETH is following a connecting bullish trend line with support at $3,950 on the daily chart.
- Bitcoin price rallied over 5% but faced hurdles near $115,000.
- XRP is eyeing an upside break above the $2.650 barrier.
Ethereum Technical Analysis
Ethereum dipped below $3,800 before the bulls appeared. ETH found support near $3,450, bounced higher, and surpassed $3,650.
Looking at the daily chart, the price surpassed the 50% Fib retracement level of the downward move from the $4,754 swing high to the $3,463 low. The current price action is positive, near the 100-day simple moving average (red).
On the upside, the price is facing hurdles near the $4,260 level or the 61.8% Fib retracement level of the downward move from the $4,754 swing high to the $3,463 low.
The next major resistance is near the $4,450 level. A daily close above the $4,450 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $4,750 level. The next stop for the bulls may perhaps be $5,000.
On the downside, the bulls might be active near $3,950 and a connecting bullish trend line. The main support is now forming near $3,720, below which the price could slide toward $3,550. Any more losses might call for a move toward $3,450.
Looking at Bitcoin, there was a sharp upward move, and the bulls were able to clear the $111,500 and $112,500 resistance levels.
Economic Releases
- Fed's Musalem speech.
- ECB's President Lagarde speech.
