TA: Ethereum Bullish Despite Recent Chop; What Could Propel it to $1,700

Sep 5, 2022 08:00 am Cryptocurrency 128

Ethereum is consolidating above $1,550 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone.

Ethereum is trading in a positive zone above the $1,520 and $1,500 support levels.

The price is now trading above $1,550 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start another increase if it stays above the $1,550 and $1,530 support levels.

Ethereum Price Eyes Fresh Increase

Ethereum made an attempt to gain strength above the $1,620 resistance and the 100 hourly simple moving average. However, ETH failed to remain stable above $1,620.

A high was formed near $1,648 and the price trimmed gains. There was a drop below the $1,580 level and $1,550. A low is formed near $1,535 and the price is now rising. There was a move above the $1,550 resistance. Ether price cleared ..

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