According to the 13 October, Ethereum analysis; Leading altcoin Ethereum continues to trade in a range. On the other hand, ETH managed to stay above the $3,400 support zone. According to technical analysis by NewsBTC’s Aayush Jindal, it needs to surpass $3,540 to start a new rally in the short term:
Ethereum remained well supported above the $3,400 and $3,380 levels.
The price is now trading near $3,520 and the 100 hourly simple moving average.
There is a major bearish channel forming with resistance near $3,520 on the hourly chart of ETH/USD (data from Kraken).
If there is a clear break above $3,540 and $3,550, the pair could start a fresh rally.
Ethereum Could Turn Green
Ethereum continues to trade within a certain range. ETH started a fresh decline from the $3,600 resistance zone and traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls remained active near the $3,400 level. A bottom was formed near $3,405 and the price is currently rising. ETH price is currently trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 low to $3,405 high.
ETH is now trading near $3,520 and the 100 hourly simple moving average. There is also a major bearish channel forming with resistance near $3,520 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the downward move from the $3,620 high to $3,405 low. According to Jindal, if there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level. The next major resistance is near the $3,540 level, where the price could start a fresh increase. In the stated case, the price could climb to the $3,620 level.
Will Ethereum Drop?
Jindal says if Ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. Initial support on the downside is near the $3,450 level. Initial key support is currently formed near the $3,400 level. If there is a downside break below the $3,400 and $3,380 support levels, the price could decline further. The next key support is near $3,375. Any more losses could push ETH price towards the $3,300 support zone.
What Are Technical Indicators Saying?
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,450
Main Resistance Level – $3,520
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