Ethereum Reaches Crucial Juncture, Can The Bulls Make it
Categories: US ETHERUM NEWS
Ethereum Price Eyes Upside Break Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD. The price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Fresh Decline in ETH? If ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. An initial support on the downside is near the $1,840 zone.The next major support is near the $1,820 level and the 100 hourly simple moving average. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.