TA: Ethereum Consolidates Above $2,050, Here’s Why Bulls Remain In Control

TA: Ethereum Consolidates Above $2,050, Here’s Why Bulls Remain In Control


Ethereum corrected lower below $2,100 against the US Dollar, but stayed above $2,050. ETH price is likely to start a fresh increase as long as it is above the $2,000 support.

Ethereum is showing signs of a fresh increase above $2,120 and $2,150. The price is now trading nicely above the $2,080 support and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $2,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher above the $2,120 and $2,150 levels in the near term. Ethereum Price Remains In Uptrend

After setting a new all-time high near $2,150, Ethereum started a downside correction. ETH traded below the $2,120 and $2,100 support levels.

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However, the bulls were active near the $2,050 support zone and the 100 hourly simple moving average. A low was formed near $2,050 before the price climbed higher. The recent swing high

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