RATE Group | Ethereum Set For Further Gains In Light of Fresh Technical Breakout
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Ethereum Set For Further Gains In Light of Fresh Technical Breakout

17 Jan Ethereum Set For Further Gains In Light of Fresh Technical Breakout

Posted at 05:14h in Ethereum News by

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Ethereum found support near the $158 level and started a fresh increase, similar to bitcoin. ETH is gaining momentum and it could soon break the $170 resistance.

  • Ether price started a fresh increase after it found support near $158 against the US Dollar.
  • Bitcoin price is also rising and trading nicely above the $8,650 level.
  • Yesterday’s highlighted key declining channel was breached with resistance near $165 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now showing a lot of positive signs and it could continue to rise towards $170 and $172.

Ethereum Starts Fresh Increase

Yesterday, we saw a short term downside correction in Ethereum from the $172 resistance against the US Dollar. ETH price traded below the $165 support level and even broke the $160 level.

However, the price remained well supported near $158 and the 100 hourly simple moving average. A decent support base was formed near the $158 level and recently the price started a fresh increase.

It broke the 23.6%…

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