Ethereum Price Rebound Gains Traction After Clearing Key Hurdles
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Key facts
- The trend line is also near the 50% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high
- A high was formed at $1,731, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high
- A clear move above the $1,780 resistance might send the price toward the $1,850 resistance
- In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term
Summary
Ethereum price started a fresh increase and remained stable above $1,680. Ethereum started a decent upward move above the $1,620 resistance. The price is trading above $1,680 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD (data feed via Kraken).