Ethereum Corrects Lower, Why ETH Remains Supported For Fresh Rally ?
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 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.
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. An immediate resistance on the upside is near the $4,720 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,800 level. Any more gains could lead the price towards the $5,000 level in the near term.
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