CoinTrack - Crypto Currency Tracker logo CoinTrack - Crypto Currency Tracker logo
NewsBTC 2021-07-22 05:08:37

TA: Ethereum Recovers Sharply, Why ETH Could Continue Higher above $2K

Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance. Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels. The price is now trading well above $1,900 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further if there is a proper close above the $2,000 resistance zone. Ethereum Price Starts Decent Increase Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels. There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains. There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, follo...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.