Ethereum stuck at $1750 however the cryptocurrency could soon surge above $1880 as the price is now trading above the 100 hourly simple moving average so let’s read more about it in today’s Ethereum news.
There was a key ascending channel that formed with the support near $1710 on the hourly charts of the pair that could drop to $1650 support but will likely continue higher to $1800. After it managed to surpass the $1650 resistance, ETH started a fresh increase and traded near $1700 but struggled to rise as much as BTC. While the increase lasted, there was a break above the major bearish trend line with the resistance of $1660 on the hourly charts of the pair. The pair gained some pace above $1710 and spiked above the $1750 resistance zone with ethereum stuck at $1750.
Ether traded to a new all-time high of $1777 and is now consolidating the gains. It is trading well above $1650 and the 100 hourly simple moving average with the immediate support nearing the 23.6% fib retracement level from the rally at the $1488 swing low to the $1777 high. There’s also a key ascending channel that is forming with the support of $1710 on the same chart so if there’s a downside break below the channel support, the price will decline to $1650 support zone. The price is facing a major resistance point near $1760 so a break above it could spark a new rally.
If ETH fails to clear the $1760 and the $1770 resistance levels, it could correct lower so on the downside the first major support will be near the $1660 level. The next major support is near the 100 hourly simple moving average and the 50% fib retracement level from the recent rally of the $1488 low to the $1777 high is near the $1635 level that will provide support in the near-term. The hourly MACD for the pair is slowly losing momentum in the bullish zone while the hourly RSI is well above the 50 level.
As reported previously, The price surge for ETH came amidst the overall move upwards for the broader crypto market. ETH broke its previous all-time high of $1740 from a week ago and trades above its 21-period exponential moving average which is tool traders use to determine the overall trend of the asset. ETH remains in a firm uptrend for now.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]