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Monday, January 30, 2023
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    HomeMarketEthereum Price Forms Bullish Continuation Pattern and Could Rally Again

    Ethereum Price Forms Bullish Continuation Pattern and Could Rally Again

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    Ethereum is consolidating good points above $1,600 in opposition to the US Greenback. ETH is exhibiting optimistic indicators and would possibly begin one other enhance above $1,650.

    • Ethereum is exhibiting optimistic indicators above the $1,620 and $1,600 ranges.
    • The worth is now buying and selling above $1,600 and the 100 hourly easy shifting common.
    • There’s a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD (knowledge feed through Kraken).
    • The pair might rally once more if it clears the $1,640 and $1,650 resistance ranges.

    Ethereum Worth Might Pop Greater

    Ethereum value began a draw back correction from the $1,680 resistance zone. ETH corrected decrease beneath the $1,650 and $1,620 stage, just like bitcoin.

    The worth declined beneath the 23.6% Fib retracement stage of the upward wave from the $1,481 swing low to $1,680 excessive. There was a pointy decline beneath the $1,620 stage and the 100 hourly easy shifting common. Nevertheless, the price remained stable near the $1,600 level.

    Ether value is now buying and selling above $1,600 and the 100 hourly easy shifting common. There’s additionally a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    A direct resistance is close to the $1,640 stage and the channel resistance. The subsequent main resistance is close to the $1,665 stage. An upside break above the $1,665 resistance zone might begin a contemporary rally. Within the said case, the value might maybe rise in the direction of the $1,720 resistance. Any extra good points would possibly ship the value in the direction of $1,800 and even $1,850 within the close to time period.

    Dips Supported in ETH?

    If ethereum fails to clear the $1,640 resistance, it might begin one other draw back correction. An preliminary assist on the draw back is close to the $1,620 stage and the 100 hourly SMA.

    The subsequent main assist is close to the $1,580 stage or the 50% Fib retracement stage of the upward wave from the $1,481 swing low to $1,680 excessive. If there’s a break beneath $1,580, the value would possibly drop in the direction of the $1,520 assist. Any extra losses would possibly name for a take a look at of the $1,500 zone.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now gaining momentum within the bullish zone.

    Hourly RSIThe RSI for ETH/USD is now above the 50 stage.

    Main Assist Stage – $1,580

    Main Resistance Stage – $1,640



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