RATE Group | Ethereum: USD/ETH (ETH=) Primed For Fresh Rally
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Ethereum: USD/ETH (ETH=) Primed For Fresh Rally

23 Jan Ethereum: USD/ETH (ETH=) Primed For Fresh Rally

Posted at 21:38h in Ethereum News by

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Ethereum: USD/ETH (ETH=) Primed For Fresh Rally

This past week, there was a solid rise in Ethereum price above the $160 resistance area against the US Dollar. ETH price broke a couple of important resistance levels near $170 and traded to a new yearly.

It traded as high as $179 and settled above the 55 simple moving average (4-hours). Recently, the price started a downside correction below the $175 and $170 levels. Moreover, there was a break below the $165 support.

However, the price remained well bid above $160-$161 and the 55 simple moving average (4-hours). Ethereum is currently rising and trading above the 23.6% Fib retracement level of the recent decline from $179 to $161 low.

On the upside, the first barrier for the bulls is near the $170 level. It coincides with the 50% Fib retracement level of the recent decline from $179 to $161 low.

If ETH price climbs above the $170 resistance area, there is a risk of a sharp increase above the $175 resistance. In the…

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