Ethereum Set Another ATH With The Price Correcting The Gains

Ethereum set another ATH above $3400 against the US dollar but it started correcting the gains right after so it could remain well bid near the $3400 level as we can see more in our latest Ethereum news.

Ethereum extended the rally above $3500 and traded to a new ATH of $3550 with the price now trading well below the $3400 and traded to a new high of $3550. The price is now trading below this zone and the 100 simple moving average with a major bullish trend line that is forming with the support near $3390 on the hourly charts of the pair that started correcting lower but the bulls could still be active near $3400.

Ethereum set another ATH and formed a new support base above $3250 and started a new increase with the coin outpacing BTC and breaking the $3400 resistance for a fresh rally. It even climbed above the $3500 level and traded to a new ATH near $3550. It is now trading below it after a downside correction from the $3551 high and the price traded below $3500. Ether traded below the 23.6% fib retracement level from the wave of $3289 low to $3551 high while on the downside, the first major support was near $3420.

The 50% fib retracement level from the wave of $3289 low to $3551 high is also close to the $3420 level. The main support is forming near the $3400 level with a new major bullish trend line forming near the support of $3390 on the hourly charts of the pair with more losses being able to call for a drop to the $3250 zone in the near-term. If ETH remains stable above the $3400, it could start a new increase with an immediate resistance on the upside nearing the $3500 level.

A Close above the $3500 level could lead the ETH price to $3550 with the next key resistance is close to $3620 above which the bulls could aim for a test of the $3750 level in the coming days. The hourly MACD for the pair is slowly losing momentum in the bullish zone while the RSI for the pair is correcting lower and approaching the 50 levels.