TA: Ethereum Corrects Lower, Why ETH Remains Supported For Fresh Rally

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Ethereum traded to a new all-time high above $4,800 before correcting lower against the US Dollar. ETH could start a fresh rally unless there is a break below $4,650.

  • Ethereum started a downside correction below the $4,750 and $4,700 levels.
  • The price is now trading above $4,650 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if there is no break below $4,650.

Ethereum Price Eyes Fresh Increase

Ethereum extended rally above the $4,650 and $4,700 resistance levels. ETH gained pace above the $4,750 resistance zone and the 100 hourly simple moving average.

The price even climbed above $4,800 and traded to a new all-time high. It traded as high as $4,839 and is currently correcting gains. There was a break below the $4,750 support level. Besides, there was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD.

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It even traded below the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Ether price is now trading above $4,650 and the 100 hourly simple moving average.


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