TA: Ethereum Consolidate Gains, Why This Support Is The Key

Aug 1, 2022 08:00 am Cryptocurrency 97

Ethereum extended its increase above the $1,720 level against the US Dollar. ETH is now consolidating above the key $1,670 support zone.

Ethereum remained in a positive zone but struggled near the $1,785 resistance zone.

The price is now trading above $1,650 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $1,710 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a downside correction if there is a close below $1,670 and $1,650.

Ethereum Price Holds Key Support

Ethereum remained in a positive zone above the $1,600 level. ETH even extended its increase above the $1,670 and $1,700 levels.

It climbed above the $1,750 but there was no move to $1,800. A high was formed near $1,784 and the price started a downside correction. There was a minor move below the $1,730 and $1,720 levels. Ether declined below the 23.6% Fib retracement level of the upward move from the $1,355 swing low to $1,784 high.

Besides, there was a break below a ..

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