The value of one ether has just risen to $1,850 US Dollars. Following Bitcoin’s lead, ETH is rising and might soon challenge the $2,000 level.
Data from Kraken indicates that a crucial bullish trend line is building with support at $1,890 on the hourly chart of ETH/USD.
Once Ethereum’s price broke over the $1,720 barrier, it began a steady ascent. The recent surge in Bitcoin’s value pushed ETH above its previous barrier of $1,850.
There was a break over the $1,900 barrier, marking an increase of almost 6% in price. The price has hit a high of $1,930 and is now working to consolidate its recent gains. For the latest upswing from the $1,715 swing low to the $1,930 high, it is trading at a significant distance above the 23.6% Fib retracement line.
Neither $1,850 nor the 100-hourly Simple Moving Average can hold Ethereum back now. The $1,930 area is where sellers will likely step in. The $1,950 threshold is the next significant barrier to buyers. If buyers push the price beyond $1,950, the uptrend might continue.
A downward correction may begin if Ethereum cannot break over the $1,950 barrier. The first floor for losses is about $1,900.
The recent low of $1,880 is the next significant support level. The 50% Fibonacci retracement level of the current rally from the $1,715 swing low to the $1,930 high might be reached if the price breaks and closes below the $1,880 support level. The price may test around $1,780 in further declines or the 100-hourly Simple Moving Average.
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