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Ethereum on the Uprise

5 August 2019, 07:00
Votes: 2

Despite the bearish trend line, the ETH cryptocurrency has managed to make a breakthrough and is going to stay that way.

Ethereum on the Uprise

Analyzing ETH Price

Over the past sessions, Ethereum started showing positive dynamics even above the level of $220. After falling to $216, the cryptocurrency plucked up courage and rushed upstream. The ETH/USD pair reached and crossed the line of $220, and kept moving on. Meanwhile, the Bitcoin (BTC) price reached $11,200, which is an 8 percent increase.

The ETH/USD pair resistance level was at approximately $221, but then came a swing up to $231. The support level can be traced from $227, but the main support – close to $224 level. The Fibonacci retracement level of the swing from $216 to $230 is close to $224 level as well. Thus, in the short run the $224 zone is going to be a clear support.

If to speak about Ethereum cryptocurrency tech indicators, its main level of resistance is at 232 USD and major support level – 224 USD.


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