TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet
12 August 2022 - 3:18PM
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Ethereum gained pace and cleared the $1,800 resistance against the
US Dollar. ETH is rising and might continue to rise towards the
$2,000 resistance zone. Ethereum remained well bid above the $1,800
support and climbed further higher. The price is now trading above
$1,820 and the 100 hourly simple moving average. There is a key
bullish trend line forming with support near $1,880 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could continue to
rise further higher towards the $1,980 and $2,000 levels. Ethereum
Price Eyes More Upsides Ethereum remained well bid above the $1,750
level. ETH gained pace after there was a clear move above the
$1,800 resistance zone. It even climbed above the $1,880 level.
There was a spike above the $1,920 resistance and the price traded
as high as $1,943. Recently, there was a downside correction below
the $1,900 level. Ether price tested the 23.6% Fib retracement
level of the recent increase from the $1,655 low to $1,943 high.
However, the price remained well bid above the $1,880 level. There
is also a key bullish trend line forming with support near $1,880
on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com
Ether price is now trading above $1,820 and the 100 hourly simple
moving average. An immediate resistance on the upside is near the
$1,920 level. The first major resistance is near the $1,940 level.
A clear move above the $1,940 level could start a steady increase
to $2,000. If there are more upsides, the price may perhaps rise
towards the $2,120 resistance zone in the near term. Dips Limited
in ETH? If ethereum fails to rise above the $1,940 resistance, it
could start a downside correction. An initial support on the
downside is near the $1,880 zone and the trend line. The next major
support is near $1,855. The main support is near the $1,800 level
or the 50% Fib retracement level of the recent increase from the
$1,655 low to $1,943 high, below which there is a risk of more
losses. In the stated case, ether price may perhaps decline towards
the $1,765 support. Any more losses might call for a test of the
$1,720 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is now gaining momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now above the 50 level. Major Support Level
– $1,800 Major Resistance Level – $1,940
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