Ethereum Sets New ATH, Why Dips Remain Attractive In Near-Term

[Cz Rock]

Ethereum extended its rally and it traded to a new all-time high near $3,550 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid near $3,400.

Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,550.
The price is now trading well above $3,400 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting lower, but the bulls are likely to remain active near $3,400.
Ethereum Price Gains Traction
Ethereum formed a new support base above the $3,250 and started a fresh increase. ETH outpaced bitcoin and it broke the $3,400 resistance to start a fresh rally.

It even climbed above the $3,500 level and traded to a new all-time high near $3,550. It is now trading well above $3,400 and the 100 hourly simple moving average. Recently, there was a downside correction from the $3,551 high and the price traded below $3,500.

Ether traded below the 23.6% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high. On the downside, the first major support is near the $3,420 level.

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