TA: Ethereum Back to Square One, Why ETH Could Surge Again

Mar 16, 2022 06:41 am Cryptocurrency 163

Ethereum rallied above $2,650 against the US Dollar. ETH price failed to settle above $2,700, trimmed gains, and now consolidating near $2,620.

Ethereum started a fresh increase above $2,600, but it faced sellers above $2,700.

The price is now trading above $2,600 and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).

The pair is consolidating above $2,600 and might start another increase in the near term.

Ethereum Price Consolidates

Ethereum was able to form a base above the $2,520 level. ETH started a fresh increase above the key $2,600 and $2,620 resistance levels. There was also a move above the $2,700 level.

There was also a break above a key bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD. However, the bulls failed to remain in action above $2,720. The price formed a high near $2,733 and started a sharp decline.

There was a move below the $2,700 and $2,650 ..

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