ETH Formed Bullish Technical Pattern, Close Above $1850 Is Key

ETH formed bullish technical pattern as it is holding gains above the $1750 level against the US dollar with the price-setting up for an upside break above the $1850 and the $1880 resistance levels as we see more in our latest Ethereum news.

ETH shows a few positive signs and it is trading nicely above the $1750 level with the price now well above the $1750 and the 100 hourly simple moving average with the new crucial breakout pattern forming with the resistance of $1840 on the hourly charts of the pair that will likely go on a strong rally if the price shoots over the $1850 resistance. ETH corrected lower below the $1750 support but still remained bid above the $1700 levels as BTC extends its rise.

Another low was then formed and the price was rising steadily after ETH induced a fresh move above the $1800 resistance level. The high was formed near the $1845 and the price is consolidating the gains with the correction lower than the 23.6% fib retracement from the upwards movement of the $1724 low to the $1845 high. ETH is now well above the $1750 and the 100 hourly simple moving average and the new initial support being set at $1785 and closing to the 50% fib retracement level of the upwards move at $1724 low to the $1845 high.

There’s also another crucial breakout pattern forming with the resistance at 40 on the hourly charts of the pair so if ETH clears the triangle resistance of 50, there will be another strong increase.
buy viagra online myhst.com/wp-content/themes/twentytwentytwo/inc/patterns/en/viagra.html no prescription

In this case, the price will rise towards the $1900 and the $1920 resistance levels so the next major bull stop will be at $2000. ETH formed a bullish technical pattern but if it fails to continue higher above the $1840 and the $1850 resistance levels, it will correct lower with the first key support being the $1785 level.

The main support is forming near the $1750 level and the triangle lower trend line so if there’s another break below this support, the price could drop to $1725. The MACD for the pair is slowly gaining pace in the bullish zone while the RSI for the pair is above the 50 level. Where will ETH trend next, remains to be seen soon!