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Ethereum Retreats From $2K, Why ETH Remains Strong Above $1,850

Ethereum Retreats From $2K, Why ETH Remains Strong Above $1,850

Ethereum traded to a new all-time high near $2,040 before correcting lower against the US Dollar. ETH price is trading nicely above $1,850 and it is likely to continue towards $2,000.

  • ETH price climbed higher steadily and it surpassed the main $2,000 resistance against the US Dollar.
  • The price is trading nicely above the $1,850 level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1,860 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $1,980 and $2,000 levels in the near term.

Ethereum is Gaining Momentum

This past week, bitcoin and ethereum saw a steady increase above $1,900 and $50,000 respectively against the US Dollar. ETH even cleared the key $2,000 resistance level to move further into a positive zone.

It traded to a new all-time high near $2,040 and settled well above the 100 simple moving average (4-hours). Recently, there was a short-term downside correction below the $2,000 and $1,950 support levels. Ether price even spiked below the $1,850 support level.

Read the full article at newsbtc.com

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