ETH/USD 1H Chart: SMA Pushes Rate up

Note: This section contains information in English only.
Source: Dukascopy Bank SA


After booking a new all-time high the price for Ethereum has consolidated and revealed a channel up pattern. Moreover, the 55-hour SMA had approached the ETH/USD rate and started to push it up. The near term future depended on whether or not the rate manages to pass the 1,700.00 level.

In the case of the pair passing the 1,700.00 mark, it would immediately test the resistance of the weekly R3 simple pivot point at 1,715.00. If this level is passed, expect resistance from round price levels like the 1,750.00 and 1,800.00.

On the other hand, if the support of the channel up pattern and the 55-hour simple moving average fails, the rate could look for support in the 1,600.00 level and the weekly R2 simple pivot point.
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