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NewsBTC 2021-10-14 05:08:15

TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

Ethereum started a fresh increase from the $3,400 support zone against the US Dollar. ETH price could accelerate higher once there is a clear break above $3,650. Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if there is a clear break above $3,650 and $3,660. Ethereum Price Gains Pace Ethereum remained well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin. There was also a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone. A high is formed near $3,656 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The price is now showing positive signs above the $3,630. An immediate resistance on the upside is near the $3,650 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the stated case, the price c...

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