RATE Group | Ethereum (ETH) Price Likely Setting Up For Next Rally
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Ethereum (ETH) Price Likely Setting Up For Next Rally

29 Oct Ethereum (ETH) Price Likely Setting Up For Next Rally

Posted at 06:17h in Ethereum News by

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  • Ethereum price is trading nicely above the $180 support area against the US Dollar.
  • Bitcoin price is down more than 2%, but it is trading well above the $9,000 support area.
  • There was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to gain pace and it could rally above the $188 and $190 resistance levels.

Ethereum price is showing positive signs above $180 versus the US Dollar, while bitcoin is correcting lower. ETH price is likely to start a fresh increase above $188.

Ethereum Price Analysis

Recently, there was a downside correction in Ethereum from the $200 resistance area. ETH price declined below the $190 and $185 levels. However, the $175 area provided support and the price remained well above the 100 hourly simple moving average.

A swing low was formed near $174 and the price started a fresh increase. It recovered above the $180 and $182 resistance levels. Moreover, there was a break…

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