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TA: Ethereum Rally Extends Above $3,400, Why Dips Remain Attractive

TA: Ethereum Rally Extends Above $3,400, Why Dips Remain Attractive
Ethereum extended its rally and it traded to a new all-time high above $3,450 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid above $3,100.

Ethereum remained in a strong uptrend and it broke the $3,400 level.
The price is now trading well above $3,200 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the bulls are likely to remain active near $3,100 and $3,000.

Ethereum Price Rallies Another 10%
Ethereum is following a strong bullish path above the $3,000 resistance. ETH outpaced bitcoin and it surged above the $3,200 level. There was a 10% rise and the price broke the $3,400 level.
It traded to a new all-time high near $3,456 and it settled nicely above the 100 hourly simple moving average. The price is now correcting gains and it traded below the $3,320 level. There was a break below the 50% Fib retracement level of the recent rally from the $3,088 swing low to $3,456 high.
An immediate support on the downside is near the $3,250 level. There is also a major bullish trend line forming with support near $3,220 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 61.8% Fib retracement level of the recent rally from the $3,088 swing low to $3,456 high. The next major support is near the $3,080 level, below which the price might extend losses. In the stated case, the price could revisit the $2,950 support and the 100 hourly simple moving average.
More Upsides in ETH?
If Ethereum remains stable above the trend line support and $3,100, it could continue to rise. An initial resistance on the upside is near the $3,320 level.
The first major resistance is near the $3,400 level. A clear upside break above the $3,400 level and could open the doors for a more upsides above the $3,456 high. The next major stop could be $3,550 or even $3,620 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,100
Major Resistance Level – $3,400

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