The Ethereum crucial break above the $1750 could mean that the coin will surge soon and the price will rally above the $1850 resistance or could drop towards $1550 support so let’s read more in our latest ethereum news today.
Ethereum is holding the key $1750 level and the $1710 support levels with the price trading below the $1800 and the 100 hourly simple moving average and the new connecting bearish trend line forming with the resistance at the $1795 on the hourly chart of the ETH/USD which will prepare a stronger move with $1710 as a pivot zone. ETH made another attempt to gain more strength above $1850 but then failed just like BTC at $60K with a new high forming near $1865 before there was a sharp decline.
The price broke the $1800 support and settled below the 100 hourly simple moving average with the recent swing low was formed near the $1754 and the price is correcting higher with it trading above the $1765 level. ETH test the 50% retracement level from the drop from $1811 high to $1754 low with an intermediate resistance nearing the $1790 on the $1800 level with a connecting bearish trend line forming with the resistance near the $1795 on the hourly chart of the pair.
The trend line is closing to the 61.8% fib retracement level from the drop of $1811 high to $1754 low with a close above the $1800 level could call for a fresh test of $1850. More gains could open the doors for the rally to $2000 resistance in the near-term with the intermediate resistance could be nearing the $1935 level so if ETH drops more, it could nosedive even more. The initial support on the downside is near the $1750 level with the main support nearing the $1710 and the $1700 levels with a clear downside break below the $1710 support opening the doors for a larger decline. In this case, the bears are going to test the $1550 support on the upcoming days with the intermediate support nearing the $1640 level.
The Ethereum crucial break could lead the coin to high as the hourly MACD for the pair is moving into the bullish zone. The hourly RSI for the pair is below the 50 levels with more chances for a rally looking possible on the charts.
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