Ethereum is still consolidating above $1,750 and $1,710 against the US Dollar. ETH price could soon either rally above the $1,850 resistance or dive towards the $1,550 support.
- Ethereum is holding the key $1,750 and $1,710 support levels.
- The price is currently trading below $1,800 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be preparing a strong move with $1,710 as a pivot zone.
Ethereum Price is Holding Key Support
Ethereum made another attempt to gain strength above $1,850, but it failed just like bitcoin at $60,000. A high was formed near $1,865 before there was a sharp decline.
The price broke the $1,800 support and settled below the 100 hourly simple moving average. The recent swing low was formed near $1,754 and the price is now correcting higher. It is trading above the $1,765 level.
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Ether is now testing the 50% Fib retracement level of the recent decline from the $1,811 high to $1,754 low. An immediate resistance is near the $1,790 and $1,800 levels. There is also a connecting bearish trend line forming with resistance near $1,795 on the hourly chart of…