TA: Why Ethereum (ETH) Remains Attractive On Dips Towards $2,400

Ethereum remained well bid above the $2,500 zone against the US Dollar. ETH price must stay above $2,400 for upside continuation in the near term. Ethereum struggled to clear the $2,650 resistance and corrected lower. The price is still trading above $2,500 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $2,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a fresh increase unless there is a clear break below $2,400 in the near term. Ethereum Price is Holding Key Support Ethereum started a fresh increase above the $2,600 level, outpacing bitcoin. ETH price even broke the $2,650 resistance, but there was no real bullish momentum. A high was formed near $2,666 before the price corrected lower. It broke the $2,600 support level, but it is still well above $2,500 and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $2,510 swing low to $2,666 high. The price is now testing the $2,550 support zone. It is near the 76.4% Fib retracement level of the upward move from the $2,510 swing low to $2,666 high. There is also a crucial bullish trend line forming with support near $2,460 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the first key resistance is near the $2,600 level. The main resistance is now forming near the $2,650 level. A clear b...