Ethereum Extends Its Rise Reaching A New ATH: Price Analysis

Ethereum extended its rise and reached a new ATH at $1830 against the US dollar, with the price trading in a positive zone and looks like it’s going to shoot to $1950 so let’s read more in today’s ETH news.

The price is trading well above the $1750 level and the 100 hourly simple moving average with the major ascending channel forming close to the $1760 on the hourly charts of the pair which as we can see it can dip in the short-term but the bulls will likely aim for more gains above $1850.  After spiking above the $1800  level, ETH started a short-term downside correction and corrected below $1760 but remained stable above $1720. There was a fresh increase above the $1800 level so the price traded to a new all-time high of $1830 and settled above the 100 hourly simple moving average with more signs for shooting above the said level.

The initial support is near the $1790 level and the close to the 50% fib retracement level from the recent wave at $1755 swing low to the $1830 high with another ascending channel forming with the support at $1760 on the hourly charts of the pair. The intermediate support is near the $1770 level and coincides with the 76.4% fib retracement level from the recent wave at $1755 low to $1830 high. The intermediate support is close to the $1770 level and coincides with the 76.4% fib retracement level of the wave at $1755 swing low to the $1830 high.

On the upside, the price faced strong resistance at $1830 and $1850 so a break above this level could start a steady increase above $1880 where the price can break the $1900 even and continue higher. If Ethereum fails to clear these $1850 levels, it could correct lower with the first downside support being set at $1770. The next major support is close to the channel support of $1760 so more losses could lead to the price at $1700 and the 100 hourly simple moving average. Ethereum extended its rise and the pair is slowly gaining momentum in the bullish zone while the hourly RSI is well above 50 levels.

As reported a day ago, There was a key ascending channel that formed with the support near $1710 on the hourly charts of the pair that could drop to $1650 support but will likely continue higher to $1800. After it managed to surpass the $1650 resistance, ETH started a fresh increase and traded near $1700 but struggled to rise as much as BTC.