TA: Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Jul 29, 2022 06:00 am Cryptocurrency 133

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800.

Ethereum started a major increase above the $1,650 and $1,700 levels.

The price is now trading above $1,700 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to rise if there is a clear move above the $1,750 level.

Ethereum Price Rallies Above $1,700

Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels.

The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level.

Ether price dropped below the 23.6% Fib retracement level of the recent increase ..

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