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ETH Printed A Bullish Break But It Still Could Surge Above $1200

Stefan by Stefan
06/01/2021
in Ethereum News
Reading Time: 2 mins read
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ETH printed a bullish break but there’s still a chance that the coin will surge above $1200 as we can see in today’s Ethereum price news.

Ethereum started a fresh increase above the $1.050 level yesterday and it is now showing some positive signs with it being likely to continue higher above $1250 levels. ETH started a fresh upwards movement with the price now trading in the 100 hourly simple moving average and the $1100 level. There was a short break above the major bearish trend line with the resistance of $1110 on the hourly charts of the pair that will likely go higher if it settles above the $1135 resistance zone.

ethusd
Source ETHUSD on TradingView.com

After the downside correction, Ethereum was able to find a support base near $980 and as a result, ETH started a fresh increase and managed to shoot past $1.050 resistance levels. The price gained pace and climbed above the $1100 level with a break above the 76.4% Fib retracement of the downwards movement from the $1135 high to the $974 swing low.  What’s even more important is that there was a break above the major bearish trend line with the resistance getting near the $1110 on the hourly charts of the pair.

The price is now trading well above the $1110 and the 100 hourly simple moving average and the successful close above the $1120 resistance level that could accelerate the gains in the near-term. the next pit stop for the bulls could be nearing the $1175 zone and it is also close to the 1.236 Fib extension level of the move from the $1135 high to the $974 swing low. More gains could lead the asset towards the $1220 level in the near term.

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eth chart
Chart of ETH’s price action over the past few weeks from TradingView.com. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.

As ETH printed a bullish break, the initial support on the downside is nearing the broken triangle trend line at the $1110 level. The downside break below the trend line support could lead the ETH price to the $1.080 support zone. More losses could call for an extended decline below the $1,050 level with the next major support being near the trend line of $1040. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI for the pair is well above the 50 level.

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Tags: bullish breakEtheth priceeth printedEthereum Priceethereum price levelfeaturedprice analysissurge above
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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