Ethereum is heading towards $1800 as the bulls invade the markets after the new rise in the $1700 level and show more positive signs to continue the move, so read more today in our latest Ethereum news.
Ethereum is heading towards $1800 after a significant rise above the $1700 levels and the price is trading above the 100 hourly simple moving average. A key bullish trend line is forming near the support at $1700 on the hourly chart of the ETH/USD pair. The pair might continue higher if there is a clear move near the $1750 level. Ethereum formed a base near the $1600 level and started a major rise and ETH was able to clear a few key hurdles near the $1650 level such that the price jumped over 10% and broke above the 1740 level $. The bulls pumped the price towards the $1800 level and the new multi-week high formed near the $1784 level with the price correction gains and there was a slight decline below the 1750 level $.
Ether price fell below the 23.6% fib retracement level from the $1,602 increase to $1,784 and it is still well above the $1,700 level and the 100-hour simple moving average. There is a key uptrend line forming with support near $1700 on the hourly charts of the pair and immediate resistance on the upside is near the $1740 level with first major resistance near the lows area. $1750. The the main resistance is formed near the $1780 area and a move above that level could push the price higher.
In this case, the price could rise towards the $1880 resistance and if ETH fails to break above it, it may initiate a downward correction with initial downside support near the $1700 area. Breaking below the $1700 support could trigger a move towards the $1670 level and it is near the 50% Fib retracement of the recent rise from the $1602 swing low and the $1784 high. More losses could push the price to the $1620 support and the short-term 100 hourly simple moving average.
As previously reported, prior to the launch of Ethereum in 2015, the network sold its native ETH token through an initial coin offering, and 50 million ETH were sold during the ICO at that time. In its early years, many argued that ETH passed the SEC Howey test which is used to assess whether or not an asset is a security. The test aims to determine whether a given transaction is an investment contract according to three criteria.
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