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Ethereum Price Has Just Reversed and Achieved $3,700, Here’s Why

  • October 6, 2021
  • Princess Ventures
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The price of Ethereum surged against the US dollar, reaching a new high of $3,500. The price of Ethereum is currently trading in the green, indicating more gains toward $3,700 are possible.

  • Ether has re-entered the upward trend after breaking through resistance at $3,500.
  • Currently, its price is trading over $3,400, which coincides with the 100-hourly SMA.
  • An important bullish trend line is forming with the support located at $3,450 on the ETH/USD hourly chart.
  • As long as its price is over the $3,400 level, the pair may continue to advance.

? Rally in the Price of Ethereum Continues

When Ethereum broke through the $3,350 resistance level, it began a steady climb upwards. ETH would be able to rise above the $3,450 mark and the 100-hourly simple moving average on Monday morning.

At one point, it was trading for over $4,000. At $3,539, the price has made a new high and is already retracing its gains. Bitcoin has fallen below the $3,500 mark as a result of this correction. There has been a recent rise from the $3,275 swing low to the $3,339 high, and it’s presently trading near the 23.6% Fib retracement line.

Right now, it’s converging around the $3,480 level. On the hourly chart of ETH/USD, a bullish trend line is also formed with support at $3,450. The $3,500 level will act as an immediate support line. The $3,540 level serves as the first major resistance to overcome.

The $3,550 level will act as major resistance going forward, and if it is broken, the price might surge towards the $3,700 level. Any further increases might set the stage for a more significant rise toward $3,800 level in the coming days.

Ethereum Price
Source: ETHUSD on TradingView.com

❓ Are Ethereum Dips Supported?

Ethereum could resume its decline if it cannot get above the $3,540 and $3,550 resistance levels. The $3,450 level may provide some short-term support on the downside.

The $3,400 mark is already emerging as significant support. The current rise from the $3,275 swing low to the $3,339 high is close to the 50% Fibonacci retracement level. A drop to $3,375 and the 100 hourly moving average is possible if the price of ether continues to fall. The $3,320 level may provide strong support going forward.

? Ethereum Price Technical Indicators:

  • In the hourly chart of ETH/USD, the MACD indicator has slowed and is now in the bearish zone.
  • A look at the ETH/USD hourly relative strength index shows that it is correcting lower toward the 50 level.
  • $3,400 is the major level of support.
  • $3,550 is a major resistance level to breakthrough.
Related Article: Cryptocurrency: An Introductory Guide
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Princess Ventures

Princess is a freelance technical, finance, and blockchain writer, blogger, and founder of FinanceOutpost.com. Ultimately, she wants to help individuals create their own freelance businesses, learn blockchain, and become financially independent.

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