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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 Rockets to $1,700 as Bulls Take Over Crypto Market

Aayush Jindal by Aayush Jindal
1 year ago
in ETH
Reading Time: 2 mins read

Ethereum gained pace above the $1,600 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,700 resistance.

  • Ethereum started a major increase and settled above the $1,600 level.
  • The price is now trading above $1,650 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $1,700 to continue higher towards $1,735 in the near term.

Ethereum Price Gains Momentum

Ethereum formed a base and started a major increase above $1,600. ETH was able to clear the key $1,620 resistance zone and the 100 hourly simple moving average.

There was a clear move above the 76.4% Fib retracement level of the main decline from the $1,685 swing high to $1,490 low. Besides, there was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD.

Ether price is now trading above $1,650 and the 100 hourly simple moving average. It is also testing the $1,700 resistance zone.

If the bulls remain in action, there could be more upsides above $1,700. An immediate resistance on the upside is near the $1,735 level. It is near the 1.236 Fib extension level of the main decline from the $1,685 swing high to $1,490 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,775 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.

Dips Supported in ETH?

If ethereum fails to rise above the $1,735 resistance, it could start a downside correction. An initial support on the downside is near the $1,660 zone.

The next major support is near $1,640. The main support is now forming near the $1,600 level and the 100 hourly simple moving average. A downside break below the $1,600 support might start a fresh decline. In the stated case, ether price might drop towards the $1,550 level.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,735

Tags: ETHethereumethusdETHUSDT
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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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