Ethereum

Ethereum extended its rally and it traded to a new all-time high near $3,550 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid near $3,400.

Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,550.
The price is now trading well above $3,400 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting lower, but the bulls are likely to remain active near $3,400.

Ethereum Price Gains Traction
Ethereum formed a new support base above the $3,250 and started a fresh increase. ETH outpaced bitcoin and it broke the $3,400 resistance to start a fresh rally.
It even climbed above the $3,500 level and traded to a new all-time high near $3,550. It is now trading well above $3,400 and the 100 hourly simple moving average. Recently, there was a downside correction from the $3,551 high and the price traded below $3,500.
Ether traded below the 23.6% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high. On the downside, the first major support is near the $3,420 level.

Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high is also near the $3,420 level. The main support is now forming near the $3,400 level. There is also a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD. Any more losses might call for a drop towards the $3,250 support zone in the near term.
More Upsides in ETH?
If Ethereum remains stable above the $3,400 zone, it could start a fresh increase. An immediate resistance on the upside is near the $3,500 level.
A successful close above the $3,500 level could lead ether price towards the $3,550 level. The next key resistance is near $3,620, above which the bulls might aim a test of the $3,750 level in the coming days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower and it is approaching the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,550

Warren Mraz

By Warren Mraz

I’m a highly experienced and well-respected author in the field of Cryptocurrency. I have been writing on the subject for over 5 years now and have become an expert in the field. My work has been featured in many prestigious publications, including The Wall Street Journal, Forbes, and Business Insider. I’m a regular contributor to CoinDesk, one of the leading sources of Cryptocurrency news and information. In addition to my writing, I’m also a highly sought-after speaker on the topic of Cryptocurrency investing and trading. I have been invited to speak at numerous events around the world, including the World Economic Forum in Davos, Switzerland.

bitcoin
Bitcoin (BTC) $ 16,938.79
ethereum
Ethereum (ETH) $ 1,272.28
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 302.95
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 0.999303
xrp
XRP (XRP) $ 0.406139
dogecoin
Dogecoin (DOGE) $ 0.108261
cardano
Cardano (ADA) $ 0.316174
matic-network
Polygon (MATIC) $ 0.871240
polkadot
Polkadot (DOT) $ 5.46
staked-ether
Lido Staked Ether (STETH) $ 1,257.89
litecoin
Litecoin (LTC) $ 79.03
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.27
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.80
tron
TRON (TRX) $ 0.054275
uniswap
Uniswap (UNI) $ 5.73
avalanche-2
Avalanche (AVAX) $ 12.93
chainlink
Chainlink (LINK) $ 7.53
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,912.22
leo-token
LEO Token (LEO) $ 3.77
cosmos
Cosmos Hub (ATOM) $ 10.47
ethereum-classic
Ethereum Classic (ETC) $ 20.33
monero
Monero (XMR) $ 140.20
the-open-network
The Open Network (TON) $ 1.71
stellar
Stellar (XLM) $ 0.090342
bitcoin-cash
Bitcoin Cash (BCH) $ 113.77
algorand
Algorand (ALGO) $ 0.246876
quant-network
Quant (QNT) $ 116.07
crypto-com-chain
Cronos (CRO) $ 0.065147
apecoin
ApeCoin (APE) $ 4.36
filecoin
Filecoin (FIL) $ 4.43
near
NEAR Protocol (NEAR) $ 1.69
vechain
VeChain (VET) $ 0.019097
hedera-hashgraph
Hedera (HBAR) $ 0.050602
flow
Flow (FLOW) $ 1.13
internet-computer
Internet Computer (ICP) $ 4.07
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.32
frax
Frax (FRAX) $ 0.998332
eos
EOS (EOS) $ 0.940347
terra-luna
Terra Luna Classic (LUNC) $ 0.000163
theta-token
Theta Network (THETA) $ 0.951123
chain-2
Chain (XCN) $ 0.043584
tezos
Tezos (XTZ) $ 1.01
huobi-token
Huobi (HT) $ 7.00
aave
Aave (AAVE) $ 64.38
the-sandbox
The Sandbox (SAND) $ 0.582720
lido-dao
Lido DAO (LDO) $ 1.15