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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Retreats From $1,850, Why ETH Remains Attractive Near $1,750

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum extended its rally above the $1,800 resistance against the US Dollar. ETH price is currently correcting lower from $1,840, but it might find bids near $1,750.

  • Ethereum remained in a positive zone and it pumped above the $1,800 resistance.
  • The price is now well above the $1,750 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to protect $1,750 and $1,720.

Ethereum Price Turns Attractive

Ethereum started a steady increase above the $1,750 resistance, similar to bitcoin. ETH broke the $1,780 and $1,800 resistance levels to move further into a positive zone.

The price even cleared the $1,820 level and settled nicely above the 100 hourly simple moving average. It traded as high as $1,840 before starting a downside correction. There was a break below the $1,820 and $1,800 levels.

Ether is now trading below the 23.6% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high. On the downside, there are many supports, starting with the $1,750 level. There is also a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the bulls are likely to face hurdles near $1,840 and $1,850. If there is a successful close above the $1,850 level, the price is likely to surge in the coming sessions. In the stated case, the price is likely to visit the $1,920 and $1,950 levels.

Dips Supported in ETH?

If Ethereum fails to climb above the $1,840 and $1,850 resistance levels, it could correct lower. An initial support on the downside is near the $1,750 level. The 50% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high is also near the $1,750 level.

The next major support is near the $1,720 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,660 and $1,650 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,840

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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