TA: Ethereum Consolidates Above $ 2,700, Here's the Chance of Downward Movement

Ethereum extended its rally and traded at an all-time high of about $ 2,800 against the US Dollar. ETH price corrects gains, but dips should continue around $ 2,650. Ethereum remained a good offer and even climbed to the $ 2,800 level. The price is currently trading well above $ 2,700 and the hourly simple moving average is 100. With support around $ 2,700 on the hourly chart of ETH / USD, a key bullish channel is forming (data streaming via Kraken). The pair may correct downside, but the bulls should break out around $ 2,650 and $ 2,620. Ethereum price remained in an upward trend. Ethereum, unlike bitcoin, continued to bid well above the $ 2,650 support level. ETH took its rise above $ 2,750 and settled well above the 100 hourly easy moving average. It traded at an all-time high of $ 2,800 before starting a downward correction. There was a break below the $ 2,780 and $ 2,750 levels. Ethereum is currently trading below the 23.6% Fib retracement level of the move from the $ 2,560 low to the $ 2,800 low. It is still trading above $ 2,700 and the hourly simple moving average is forming a very important bullish channel with support near $ 2,700 on the 100th hourly chart of ETH / USD. Source: ETHUSD on TradingView.com Next major support is near the $ 2,680 level. Near the 50% Fib retracement level of the upward swing low from $ 2,560, near the high of $ 2,800. Even more losses could push the price towards the $ 2,650 support level and the 100 hourly easy moving average. If Ether does not stay above the $ 2,650 support level and the 100 hourly simple moving average, it could drop to the $ 2,580 level. Any further increase in ETH? If Ethereum remains stable above the channel support and above $ 2,650, it could trigger more spikes. Initial upside resistance is near the $ 2,780 level. The first major resistance is near the $ 2,800 level. A sharp break above the $ 2,800 level and the channel's upper trendline could set the tone for a sharp uptrend.

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