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TA: Ethereum Sets New ATH, Why Dips Remain Attractive In Near-Term

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Ethereum holds a new all-time high near $3,550 against the US Dollar after continuing its rally. ETH price is looking to reverse its gains, but is likely to remain well bid around $3,400.

  • The Ethereum price grew above $3,500 and we saw a new all-time high near $3,550.
  • It is now trading well above $3,400 and the 100-hourly moving averages.On the hourly chart of ETH/USD, a major bullish trend line with support near $3,390 is forming.
  • Although the pair is in a correction phase, bulls are likely to remain active near $3,400.
  • It even climbed above the $3,500 level and traded to a new high near $3,550, surpassing bitcoin. ETH outpaced bitcoin with a break of the $3,400 resistance to begin a new rally.Ethereum will continue to gain momentum above $3,250.

It even climbed above the $3,500 level and traded to a new high near $3,550, surpassing bitcoin. ETH outpaced bitcoin with a break of the $3,400 resistance to begin a new rally.

The stock now trades above $3,400 and its 100-hr simple moving average. 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. No rewrites were foundBitcoin rose to a new 52-week high near $3,550 against the US Dollar after extending its rally. Recently, there was a downside correction from the $3,551 high and the price traded below $3,500.

Near the $3,500 level, an immediate resistance on the upside is present.A successful close above the $3,500 level may lead to the $3,550 level. On the downside, the first major support is near the $3,420 level.

Ethereum Price

Source: ETHUSD on TradingView.com

Bitcoin rose to a new 52-week high near $3,550 against the US Dollar after extending its rally. While ETH is correcting gains, it is likely to remain well bid near $3,400. It traded to a new all-time high near $3,550 after it advanced above $3,500. The price has recently surged above $3,400. the 100 hourly simple moving average is now below $4,300. There is a major bullish trend line with support near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).

Although the pair is in a correction phase, bulls are likely to remain active near $3,400.

Ethereum Price Gains TractionEthereum gained a new support base on the $3,250 level and started a new price trend. ETH outpaced bitcoin and broke the $3,400 resistance to command a major rally. It even reached a new all-time high near $3,550.

Today, it is trading above $3,400 and the 100 hourly simple moving average. In recent days, the price has moved below $3,500, following a recent downside correction from the $3,551 high.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is correcting lower and it is approaching the 50 level.

Near the $3,400 level there is now major support forming.

Major Resistance Level – $3,550

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 5/6/2021

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