TA: Ethereum Rally Extends Above $ 3,400 Why Drops Remain Attractive

Ethereum extended its rally and traded at a new high of over $ 3,450 against the US Dollar. ETH price corrects gains, but will likely continue to bid well above $ 3,100. Ethereum remained in a strong uptrend and broke the $ 3,400 level. The price is currently trading well above $ 3,200 and the 100 hourly simple moving average. A major bullish trend line is forming with support near $ 3,220 on the hourly chart of ETH / USD (data feed via Kraken). The pair may correct on the downside, but the bulls should remain active around $ 3,100 and $ 3,000. Ethereum Price Increase Another 10% Ethereum is following a strong uptrend above the $ 3000 resistance. ETH has surpassed Bitcoin and surpassed the $ 3,200 level. There was a 10% increase and the price rose above the $ 3,400 level. It traded at a new all-time high around $ 3456 and settled well above the easy hourly moving average of 100. The price is currently correcting gains and is trading below the $ 3320 level. There was a break below the 50% Fib retracement level of the last rally from $ 3,088 to $ 3,456. Immediate downside support is near the $ 3,250 level. A major bullish trend line is forming with support near $ 3,220 on the hourly chart of ETH / USD. Source: TradingView.com On Trendline, ETHUSD rose near the 61.8% Fib retracement level of the last rally from a low of $ 3,088 to a low of $ 3,456. The next major support is near the $ 3,080 level, where the price may increase losses. In the case mentioned, the price could revisit the $ 2,950 support and the simple hourly moving average of 100. More advantages in ETH? If the Ethereum trendline remains stable above the support and above $ 3,100, it could continue to rise. Initial resistance to the upside is near the $ 3,320 level. The first major resistance is near the $ 3,400 level. A distinct bullish boom above the $ 3,400 level and this could open the way for more gains above the $ 3,456 high. The next big stop could be $ 3,550 or even $ 3

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