TA: Here’s Why Ethereum (ETH) Follow Bitcoin and Rally Above $2,500

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Ethereum is trading in a positive zone above the $2,400 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,500.

  • Ethereum is trading in a positive zone above the $2,400 and $2,420 support levels.
  • The price is now trading above $2,450 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the price is likely to remain well bid above $2,400.

Ethereum Price Is Showing Positive Signs

After forming a base above $2,350, ethereum started a steady increase. ETH broke the $2,400 resistance zone and it settled nicely above the 100 hourly simple moving average.

However, ether struggled to gain pace similar to bitcoin. It climbed above the $2,450 and $2,500 resistance. There was also a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD.

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The pair tested the $2,550 resistance and it is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,311 swing low to $2,554 high. Ether…

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