Ethereum’s strong uptrend remains set at $1700 after ETH traded to a new all-time high of $1840 before correcting lower against the US dollar and the price is now holding the $1700 level with it likely starting a fresh new increase so let’s read more in today’s ETH news.
Ethereum started a downside correction as it traded to a new all-time high of $1840 and the price is now trading above $1700 with the 100 hourly tradings moving average. There’s a key contracting triangle that is forming with the resistance at $1760 on the hourly chart of the pair which is likely to start a fresh increase as long as it maintains to remain at $1700 support. There were some slow and steady moves in the ETH price above $1750 and it even traded to a new all-time high of $1840 before the new downside correction while Ethereum’s strong uptrend remains.
The price traded below the $1780 level and the $1760 support level with the price spiking below the $1700 but the downsides were quite limited. It is now trading above $1700 and the 100 hourly simple moving average. There was a recovery above $1730 level with the price clearing the 23.6% fib retracement level from the decline at $1840 high to $1681 low. On the upside, the first key resistance was close to $1760 and there was also a contracting triangle forming with the resistance close to $1760 on the hourly charts of the pair.
The triangle resistance is close to the 50% fib retracement level at the decline from $1840 high to $1681 low. The break above $1760 could start a steady increase above the $1800 level with the next major resistance nearing the $1825 level with a new close at $1825 level being able to pump the price to $1900 and $1920. If ETH fails to clear the 60 and the 00 resistance levels, it could correct lower with the first major support on the downside being set at the 15 level with the triangle lower trend line.
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The main support is close to the $1700 zone and the 100 hourly simple moving average and a new close below the 100 hourly SMA could start a major downside correction to $1600 or $1550. The hourly MACD for the pair is gaining momentum in the bullish zone with the hourly RSI for the pair getting close to the 50 level.
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