- Ethereum, News

Ethereum’s Rally Isn’t Over Yet As The Bulls Keep On Pushing

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Ethereum’s rally isn’t over yet as the coin extended its rise above $1820 resistance against the US dollar with the price correcting from the $1860 but finds bids near $1780 so let’s have a closer look in today’s Ethereum news.

Ethereum extended its upward move above the $1820 level and spiked above the $1850 so now the price is well above the $1780 support and the 100 hourly simple moving average. There’s also a key bullish trend line forming with the support near the $1755 on the hourly charts of the pair that will correct lower if the bulls don’t defend the $1750 level.

ETHUSD
Source ETHUSD on TradingView.com

Ethereum remained in a bullish zone near $1750 similar to Bitcoin as the coin broke the $1800 and the $1820 resistance levels to enter the positive zone. The price spiked above the $1850 resistance and settled above the 100 hourly simple moving average with a new high forming near the $1863 and the price corrects lower. There was also another break below the $1850 pivot level. ETH dropped below the 50% fib retracement level from the recent increase at $1787 low to $1863 high and it is now testing the $1820 support zone but Ethereum’s rally isn’t over yet.

The 61.8% fib retracement level from the increase at $1787 low to $1863 high is which is also near the $1816. What’s even more to it is a key bullish trend line that is forming with the support near $1755 on the hourly charts of the pair while on the upside, the $1850 and the $1860 levels are the main barriers for the bulls. Breaking above it could lead ETH above $1863 and set the pace for $1900.

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ETHUSD
Source ETHUSD on TradingView.com

If ETH fails to climb above $1860, it could correct lower and the initial support on the downside will be near the $1820 level. The first major support is nearing the $1800 level with the main support forming near $150 with the trend line and the 100 hourly simple moving average. More losses could open the doors for another move to $1700 and $1650 support levels. The MACD for the pair is gaining momentum is in the bearish zone with the RSI for the pair now declining towards 50 levels.

As recently reported, Ethereum remained in a positive zone and pumped above the $1800 resistance with the price now well above the $1750 support and the hourly simple moving average. There’s a major bullish trend line that is forming near the support at $1720 on the hourly chart of the pair that could correct lower if the bulls don’t protect the $1750 level.

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