Ethereum is once again preparing to rally, but the bulls may actually be targeting a price higher of $1800 after correcting a few points from the $1633 level against the US Dollar, so let’s read more today in our latest Ethereum news.
Ethereum has entered a consolidation phase below the $1600 resistance zone and the price is trading near $1500 and the 100 hourly simple moving average. There is a major bullish trend line slowly forming near the $1,480 support area on the pair’s hourly charts, which may continue higher if there is a clear move near the 1 area. $600. Ethereum is preparing to rally above the $1500 levels and managed to clear the $1550 resistance to enter even further into a positive zone. The price climbed above $1600 and settled above the 100 hourly simple moving average. It already traded at $1633 before a downward correction and there was a move below the $1550 support zone.
The price has fallen below the 23.6% level from the $1,325 upside move to the $1,633 high, but the bulls have also been quite active near the 1,500 support zone $. Additionally, a major bullish trend line is forming near the $1480 area on the hourly charts of the ETH/USD pair. The trendline is near the 50% fib retracement level of the move near $1325 to the high at $1633 with immediate upside resistance being near $1600.
The first major resistance is near the $1530 area with another upside move potentially triggering another major increase. The next key barrier is near the $1700 level above which the price may gain strength and rise towards the $1800 resistance. If ETH fails to break above this level, it could initiate a downward correction, with initial downside support near the $1520 area. The next major support can be found at $1480 and its trendline with more losses might even push the price below the $1450 support. The price in this case may even drop to the level of $ 1400, and the hourly rate MACD for the pair gaining momentum in the bullish zone. The RSI is above 50 levels.
After a few months of gradual declines, the number of ETH wallets between 1,000 and 100,000 ETH has reached a new high. At the same time, smaller ETH addresses also increased due to staking for the upcoming merger. Data provided by Santiment shows that whales holding between 1K and 100K ETH have seen a surge in recent weeks after crashing in May, halting the negative streak.
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