ETH Turns Attractive On Dips

As cryptocurrency becomes increasingly popular, Ethereum has proven to be a strong competitor in the digital currency market. Ethereum has surged in popularity in recent years and is now the world’s second-largest cryptocurrency by market capitalization, behind only Bitcoin.

ETH price is currently consolidating above the $1,730 level against the US Dollar, moving higher above the $1,700 resistance level. It is currently trading above $1,700 and the 55 simple moving average (4-hours) and could climb further if it stays above the $1,660 support zone.

Over the past few days, Ethereum has seen a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,660 level and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1,730 resistance zone.

Finally, the price spiked above the $1,800 level and tested the $1,850 resistance zone. A high is formed near $1,846 and the price is now correcting gains. There was a minor decline below the $1,800 level. Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high.

It is now consolidating above $1,700 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,730 on the 4-hours chart. An immediate resistance on the upside is near the $1,790 level. The next major resistance is near the $1,850 zone and the last swing high.

A clear move above the $1,850 level could send the price towards $1,920. Any more gains could even send the price towards the $2,000 resistance zone or $2,120 in the near term. On the downside, an initial support is near the $1,730 level and the trend line. The next major support is now near the $1,700 level.

A break below the $1,700 support could push the price to $1,660 or the 50% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high. Any more losses could lead the price towards $1,550.

Looking at the chart, Ethereum price is clearly trading above the $1,700 zone and the 55 simple moving average (4-hours). Technical indicators show the MACD for ETH/USD is now losing momentum in the bullish zone while the RSI for ETH/USD is now above the 50 level.

In the big picture, Ethereum is becoming increasingly attractive to investors looking to diversify their portfolios. As an open-source, blockchain-based distributed computing platform, Ethereum is designed to facilitate smart contracts, which are essentially self-executing agreements that can be programmed to automate transactions and process information.

The future of Ethereum looks bright as more and more investors seek out cryptocurrencies as a hedge against inflation and a way to diversify their portfolios. With its strong market position, robust technology, and growing adoption, Ethereum is poised for continued growth and success in the world of cryptocurrency.

The post ETH Turns Attractive On Dips appeared first on Krypton Traders.