ETH GAINING MOMENTUM, WHAT’S PUSHING IT’S PRICE HIGHER ?


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Ethereum price is showing great support resistance above the $2,500 level.There was a move above the $2,650 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,700 level but retraced back to the $2,500 -$2,600 level.

There is a continuous bullish trend line forming with support at $2,600 on the hourly chart of ETH/USD. It is close to the 40% retracement level of the upside move from the $2,490 swing low to the $2,700 high.

The next major resistance is now near $2,650. A clear move above the $2,650 level might start a rapid increase in ETH price.If Ethereum fails to clear the $2,650 resistance, we might start another decline in its price.

As of now, at the time of writing this article, ETH is trading at around $2,550 with a market capitalization of $306 Billion and is up by 5% over the last week.

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