Ethereum Dips Are Becoming Attractive, Bulls Aim For $3500

Ethereum Dips Are Becoming Attractive, Bulls Aim For $3500

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Ethereum dips are becoming attractive as the price of the coin gained pace above $3250 and now the bulls are aiming for the $3500 price range as we can see more in today’s Ethereum price news.

The ETH price is correcting the gains from $3400 but the dips could be limited in the near term. Ethereum started a new increase above the $3250 resistance zone and the price is trading near $3250 and the 100 hourly simple moving average. There’s a major bullish trend line forming near the support of $3300 on the hourly charts of the pair. The pair could continue rising if there’s a clear break above the $3380 resistance zone.

Source ETHUSD on TradingView.com

The Ethereum dips are becoming attractive apparently as ETH started a new increase above the $3250 resistance zone and ETH even broke the $3300 resistance zone and the 100 hourly simple moving average to enter the positive zone. The bulls pumped the price above the $3350 level and ETH spiked above $3400 with a new weekly high forming near $34132. it is now correcting the gains and it is trading below $3360 with a break below the 23.6% fib retracement level from the upward move of $3206 low to $3412 high.

The price of the coin is now trading above $3250 and the 100 hourly simple moving average but there’s also a major bullish trend line forming with the support of $3300 on the hourly charts of the pair. On the upside, the immediate resistance is near the $3380 level with a clear move above it starting another increase in the near term. The next major resistance is close to the $3420 level above which the ETH price could test the $3500 level. More gains could send the price down to the $3550 level in the near term.

ETH 24-hour Price Chart (Source: coingecko)

If Ethereum fails to start a new increase above the $3800 level, it could start a new correction to the downside. The initial support on the downside is near the $3320 level and the first key support is now forming near the $3300 level. It is also near the 50% fib retracement level of the upward move from the $3206 swing low to $3412 high. The downside break below the $3300 level pushes the price below the trend line support and more losses could push it below. The hourly MACD for the pair losing the pace in the bullish zone. The hourly RSI for the pair is above 50 levels and the major support is set at $3300 and the major resistance level is set at $3380.

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