TA: Ethereum Prints Bullish Pattern, Why Close Above $2,300 Is Crucial
July 28 2021 - 1:08AM
NEWSBTC
Ethereum remained supported near the $2,150 zone against the US
Dollar. ETH price is rising, but a close above $2,300 is important
for upside continuation. Ethereum found support near $2,150 and it
started a fresh increase. The price is back above the $2,200 zone
and the 100 hourly simple moving average. There was a break above a
major contracting triangle with resistance near $2,260 on the
hourly chart of ETH/USD (data feed via Kraken). The pair is likely
to gain strength if there is a close above the $2,300 and $2,320
levels. Ethereum Price Resumes Upward Move Ethereum remained well
bid above the $2,150 and $2,120 support levels, similar to bitcoin.
ETH price formed a base above $2,150 and it started a fresh
increase. There was a break above the $2,200 resistance the 100
hourly simple moving average. Ether surpassed the 50% Fib
retracement level of the downside correction from the $2,431 swing
high to $2,151 low. There was also a break above a major
contracting triangle with resistance near $2,260 on the hourly
chart of ETH/USD. The pair is now trading near the $2,300
resistance. The first major resistance is near the $2,320 level. It
is near the 61.8% Fib retracement level of the downside correction
from the $2,431 swing high to $2,151 low. Source: ETHUSD on
TradingView.com A close above the $2,320 level could set the pace
for more gains. The next major barrier for the bulls could be near
the $2,400 level, followed by $2,420. Any more upsides might call
for a test of the $2,500 resistance zone in the near term. Dips
Limited in ETH? If Ethereum fails to continue higher above $2,300
and $2,320, it could start a fresh decline. An initial support on
the downside is near the $2,250 level. The first major support is
near the $2,220 level and the 100 hourly simple moving average. The
main support is now forming near the $2,200 level. Any more losses
could lead the price back towards the $2,150 support zone. If the
bulls fail to protect the $2,150 support, there are high chances of
a larger decline. The next major support sits near the $2,050
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
now gaining pace in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now well above the 50 level. Major Support Level –
$2,200 Major Resistance Level – $2,320
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