TA: Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

TA: Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move


Ethereum extended its rally and it traded to a new all-time high near $2,800 against the US Dollar. ETH price is correcting gains, but dips are likely to be supported near $2,650.

Ethereum remained well bid and it even climbed towards the $2,800 level. The price is now trading well above $2,700 and the 100 hourly simple moving average. There is a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but the bulls are likely to appear near $2,650 and $2,620. Ethereum Price Remains In Uptrend

Ethereum remained well bid above the $2,650 support level, unlike bitcoin. ETH extended its rise above the $2,750 high and it settled nicely above the 100 hourly simple moving average.

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It traded to a new all-time high at $2,800 before it started a downside correction. There was a break below the $2,780 and $2,750 levels. Ether

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