June 24, 2021

TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

2 min read

Ethereum extended its increase above the $1,820 resistance versus the US Dollar. ETH rate is presently correcting lower from $1,860, however it might find bids near $1,780.

  • Ethereum extended its upward relocation above the $1,820 level and it even increased above $1,850.
  • The cost is now well above the $1,780 support and the 100 hourly easy moving average.
  • There is an essential bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (information feed by means of Kraken).
  • The pair might fix lower, but the bulls are most likely to stay active near $1,750.

Ethereum Price Remains In Uptrend

Ethereum remained in a bullish zone above the $1,750 zone, comparable to bitcoin. ETH broke the $1,800 and $1,820 resistance levels to move further into a positive zone.

The price even increased above the $1,850 resistance and it settled well above the 100 hourly basic moving average. A high is formed near $1,863 and the price is currently correcting lower. There was a break below the $1,850 pivot level.

Ether even declined below the 50% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high. It is now testing the $1,820 support zone.

Ethereum Price

 Source: ETHUSD on TradingView.com The 61.8%Fib

retracement level of the current increase from the $1,787 swing low to $1,863 high is likewise near $1,816. Additionally, there is an essential bullish trend line forming with support near $1,755 on the per hour chart of ETH/USD.

On the advantage, the $1,850 and $1,860 levels are crucial barriers for the bulls. A clear break above the $1,850 resistance and a follow up move above the $1,863 might set the speed for a test of $1,900.

Dips Limited in ETH?

If Ethereum fails to climb above the $1,850 and $1,860 resistance levels, it could correct lower. A preliminary assistance on the disadvantage is near the $1,820 level.

The first major support is near the $1,800 level. The main assistance is now forming near the $1,750 level, the trend line, and the 100 hourly easy moving average. Anymore losses might possibly unlock for a move towards the $1,700 and $1,650 assistance levels.

Technical Indicators

Per hour MACD— The MACD for ETH/USD is slowly acquiring momentum in the bearish zone.

Hourly RSI— The RSI for ETH/USD is now declining towards the 50 level.

Major Support Level –– $1,750

Major Resistance Level –– $1,850