Ethereum Path To Fresh Increase: Are Bulls Running Out of Steam? – Action Forex

Key Highlights

Ethereum found support near $3,100 and corrected some losses.
ETH traded below a key bullish trend line with support at $3,680 on the daily chart.
Bitcoin price must settle above $100,000 to start a fresh increase.
XRP could gain bullish momentum if it clears the $2.50 resistance.

Ethereum Technical Analysis

Ethereum declined heavily from $4,100 like Bitcoin. ETH traded below the $3,500 and $3,350 support levels before the bulls appeared near $3,100.

Looking at the daily chart, the price remained well above the 100-day simple moving average (red) and the 200-day simple moving average (green). A low was formed at $3,092 and the price recently started a recovery wave.

There was a move above the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,092 low. Immediate resistance is near the $3,600 level.

The 50% Fib retracement level of the downward move from the $4,105 swing high to the $3,092 low is also near $3,600. The next major resistance is near the $3,720 level. A daily close above the $3,720 resistance zone could start another steady increase.

In the stated case, the price may perhaps rise toward the $3,880 level. The next stop for the bulls may perhaps be to $4,000 or a new all-time high.

On the downside, Ethereum might find support near the $3,220 level. The next major support is $3,150, below which the price could slide toward $3,100. Any more losses might call for a move toward the $3,000 level.

Looking at Bitcoin, there was a steady increase above the $95,000 level, and the price might continue to rise toward the $105,000 level.

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