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ETH Retreated From $2K But Remains Strong Above $1850

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ETH retreated from $2K which was its all-time high level before correcting lower against the US dollar, but it is still strong and trading nicely above $1850 so let’s take a closer look at today’s ETH price news.

Etheruem’s price climbed higher and surpassed the $2000 resistnace against the US dollar with the price trading nicely above $1850 and the 100 simple moving average. There’s a key bullish trend line forming near $1860 on the 4-hour charts of the pair that could most likely continue higher above $1980 and $2000 levels.

Over the past week, BTC and ETH saw steady increases above $1900 and $50,000 with the coin clearing the key $2000 resistance to move into the positive zone. It traded to a new all-time high of $2040 and settled above the 100 simple moving average. There was also a short-term downside correction below $2000 and $1950 support levels with the price spiking below $1850. The bulls were active near the $1820 level and a new low was formed near $1813 with the price rising as of late. There was a break above the 50% fib retracement level from the correction from the $2040 high to $1813 low.

ETH daily
ETH 24-hour Price chart (Source: coingecko)

There’s also a key bullish trend line forming with the support at $1860 on the 4-hour charts of the pair with resistance right after on the upside near the $1950 level that coincides with the 61.8% fib retracement level from the correction at $1813 low. breaking above $1950 and $1980 will open the doors for more gains but besides the close above $2000, it will boost the prices towards $2150 or higher. If ETH struggles to gain more pace above the $1950 level, it could correct lower with the first major support on the downside nearing the trend line support of $1850.

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ETH weekly
ETH 7-day Price Chart (Source: Coingecko)

A new break to the downside will call for an extended decline below the $1813 low with the next support being set at the $1760 level or the 100 simple moving average. ETH retreated slightly but the 4-hour MACD is gaining momentum in the bullish zone. The RSI for the pair is above the 50 level.

As reported earlier, The Ethereum core developers set their eyes on April 14 for the Berlin hard fork at the block height of 12,244,000 according to the report concluded on Friday.

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