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ETH rebounded: Will the rise in altcoins continue?
Ethereum (ETH), which tested $3060 as Bitcoin (BTC) fell to $60,800, took the flag as the market started to rise. The admiral of the rapidly climbing altcoins left behind $ 3500. ETH, which received a reaction from a critical level and turned its course upward, instilled confidence in the altcoin market. Almost all altcoins increased by more than 10 percent in a short time. So, will the rising season in altcoins continue? What is the latest situation for ETH?
Ethereum (ETH) price is getting better!
Ethereum price had broken below the $3350 and $3200 levels, similar to the Bitcoin decline. ETH dropped below the $3150 support level before the bulls emerged and tested the $3050 zone.
A short-term resistance formed for ETH at $3590, signaling a strong recovery above the $3350 resistance. The price recovered large liquidations in the downwave from $3675 to $3059, giving relief to the pair.
There was also a major bearish trend break above $3,400 on the hourly chart of ETH/USD. Ethereum price is currently trading above $3,500 and the 100 hourly Simple Moving Average.
The first major resistance in the leader of the altcoins is near the $3,550 level. The next key resistance is located at $3,675, above which the price may gain upward momentum.
In the specified case, ETH may rise towards the level of $ 3820. If there is a movement above the resistance of $ 3820, Ethereum may rise to the resistance of $ 4000. If the rise continues, there may be a test of $ 4080.
What are the indicators for ETH?
If Ethereum fails to break the $3,550 resistance, it could start a fresh decline. The first support on the downside is near the $3,380 level.
The first major support is near the $3,320 area. The next major support could be the $3,220 region. A clear move below the $3,220 support could send the price towards $3,150. Any further losses could pull the price towards the $3,050 level.
How are the indicators progressing?
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Although the buy signals for the MACD continue, the slowdown in momentum has caused confusion. The RSI's rise above the 50 level gave a positive signal about buying pressure.