Ethereum cracks the $1917 region after it successfully broke the $1850 resistance and continued higher against the US dollar. the cryptocurrency will now aim for the $2K zone as it remains a supporter for more upsides so let’s read more about it in our latest ETH news.
The price is now trading above $1850 and the 100 hourly simple moving average with a major break of the bearish trend line with resistance near $1800 on the hourly charts of the pair, where the bulls are active near $1880 and $1850. ETH remained stable above the $1800 level and managed to gain more strength above $1820 and the $1840 resistance level while the support base was formed near $1800 before the fresh increase occurred.
What’s even more important is that there was a break above the major bearish trend line with the resistance of the $1800 on the hourly chart of the pair that gained some pace above $1850 resistance and settled above the 100 hourly simple moving average. Ethereum cracked the $1900 level and set a new ATH with the price now consolidating the gains near this level. The initial support is close to the $1890 level and it is close to the 23.6% fib retracement level of the increase from $1801 low to $1917 high.
Looking at the upsides, the price could clear the $1917 region and shoot higher and the break above these highs will open the doors for a push above $1950 and the next major resistance for the bulls being set at $2000. If ETH fails to extend its rise above $1928 there will be another downside correction and the first major support will wait at the $1880 level. The next key support is close to the $1850 level with the close of 50% fib retracement level increasing from the $1801 low to $1917 high. The main support is now forming near the $1800 level and the 100 hourly simple moving average and the downside break below the $1800 calling for a sharper decline to $1700. The hourly MACD for the pair is showing some positive signs in the bullish zone and the hourly RSI is in the 50 level.
As reported recently, Coinbase finally opens ETH 2.0 staking rewards waitlist and it offers a 7.5% APR in rewards so the users can sign up to be the first in line once the exchange starts offering them.
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