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NewsBTC 2022-08-25 04:08:55

TA: Ethereum Key Indicators Suggest Strengthening Case For Move To $1,800

Ethereum was able to clear the $1,650 resistance against the US Dollar. ETH might rise further towards $1,800 if it stays above the $1,625 support. Ethereum was able to slowly move higher above $1,640 and $1,650. The price is now trading above $1,650 and the 100 hourly simple moving average. There is a major rising channel forming with support near $1,645 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $1,625 support zone. Ethereum Price Starts Recovery Ethereum was able to start an upside correction above the $1,600 resistance zone. ETH climbed above the $1,620 and $1,625 levels, opening the doors for more gains. The price broke the 23.6% Fib retracement level of the main drop from the $1,880 swing high to $1,524 low. Ether price even cleared the $1,650 resistance and settled above the 100 hourly simple moving average. Finally, it traded close to the $1,700 resistance, where the bears emerged. The price is now trading above $1,650 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $1,645 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,680 level. The first major resistance is now forming near the $1,700 level. It is near the 50% Fib retracement level of the main drop from the $1,880 swing high to $1,524 low. A clear move above the $1,700 level could start a steady increase. ...

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