Ethereum Holds Key Support, What Could Spark A Fresh Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	372,809,332,351	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

372,809,332,351

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	6.44	0.21%	3,110.14	3,109.87	3,109.99

Price Change

Price Change %

Current Price

Bid Price

Offer

6.44

0.21%

3,110.14

3,109.87

3,109.99

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,131.20	3,093.87	3,100.69	3,103.70	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,131.20

3,093.87

3,100.69

3,103.70

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:44:50	0.007918	3,110.14	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:44:50

0.007918

3,110.14

USD

Price x Volume	Volume	Base Symbol	Related Pairs
41,509,967.83	13,341.21	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

41,509,967.83

13,341.21

Ethereum Holds Key Support, What Could Spark A Fresh Rally

03/12/2021 11:20am

NEWSBTC

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term. Ethereum is consolidating above the key $4,450 support zone. The price is now trading above $4,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA. Ethereum Price Attempts Fresh Increase Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising. There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level. An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD. The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher. Source: ETHUSD on TradingView.com The next major resistance is near the $4,705 level. Any more gains could lift the price towards the $4,800 resistance zone in the near term. Fresh Drop in ETH? If ethereum fails to start a fresh increase above the $4,620 level, it could start another decline. An initial support on the downside is near the $4,500 level. The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone and the recent low might spark a major decline. In the stated case, the price may perhaps decline towards the $4,320 level. The next major breakdown support is $4,250, below which the price could decline towards $4,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level. Major Support Level – $4,450 Major Resistance Level – $4,620

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