RATE Group | Ethereum (ETH) Price Analysis: Bulls Slowly Gaining Traction
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Ethereum (ETH) Price Analysis: Bulls Slowly Gaining Traction

27 Jul Ethereum (ETH) Price Analysis: Bulls Slowly Gaining Traction

Posted at 04:17h in Ethereum News by

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Ethereum bulls appear to be defending the near-term support and may resume the climb.

Ethereum has formed higher lows and higher highs to trade inside an ascending channel on its 1-hour chart. Price has pulled back from the recent rallies to test support and appears to be encountering some bullish energy.

If the channel bottom continues to hold, Ethereum could be able to bounce back to the upside targets marked by the Fib extension levels. The 38.2% extension is in line with the mid-channel area of interest at $475 and the 50% extension is slightly above it at $480. The 61.8% extension lines up with the swing high around $485 and the 78.6% extension is around the channel top at $490. The full extension is at the $500 major psychological level.

RSI is already indicating oversold conditions or that sellers are feeling exhausted and ready to let bulls take over. Similarly, stochastic has reached the oversold region and looks ready to turn higher, so Ethereum might follow suit.

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