ETH Bulls Continues Rally!

The rally isn’t over for the Ethereum bulls!

Ethereum began a fresh increase over the key $2,000 resistance zone against the USD. ETH price might correct lower, however, the bulls seem to remain active around $2,000.

Ethereum price is still strong

Ethereum began a steady increase after it broke the $1,850 resistance. ETH price then gained pace over the $2,000 resistance zone and the 100 hourly simple moving average.

The price also climbed over the $2,100 level. It then tested the 1.236 Fib extension level of the main decline from the $2,035 swing high to $1,710 low. The price then traded for as high as $2,144 and it is consolidating gains.

It is now well above $2,000 and the 100 hourly simple moving average. An immediate support is near the $2,040 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,715 swing low to $2,144 high.

Now, it is well over the $2,000 and the 100 hourly simple moving average. A quick support is

The next major support is near the $2,000 level. There is also a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD. The trend line support at $1,960 is also close to the 100 hourly SMA.

More losses might spark a nasty decline lower than $1,950. The next major support on the downside is close to the $1,850 level.

Is this a fresh decline in ETH?

If ever ethereum stays over the trend line support and $1,950, it might continue rising. A quick resistance on the upside is close to the $2,150 level.

The upcoming key resistance is close to the $2,200 zone. More gains might set the pace for a move to the $2,250 level. A close over $2,250 might open some doors for a steady increase to the $2,500 level in the next term.

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