Ethereum Moves Towards $1800 As Bulls Take Over The Markets

Ethereum moves towards $1800 as the bulls are taking over the markets after the new increase of $1700 level and showing more positive signs to continue the movement so let’s read more today in our latest Ethereum news.

Ethereum moves towards $1800 after a major increase above the $1700 levels and the price is trading above the 100 hourly simple moving average. There’s a key bullish trend line forming near the support at $1700 on the hourly chart of the ETH/USD pair. The pair could continue to rise if there is a clear move near the $1750 level. Ethereum formed a base near the $1600 level and started a major increase and ETH was able to clear a few key hurdles near the $1650 level so the price jumped over 10% and surpassed the $1740 level. The bulls pumped the price towards the $1800 level and the new multi-week high was formed near the $1784 level with the price correcting gains and there was a minor decline below $1750 level.

Ether’s price dropped below the 23.6% fib retracement level from the increase of $1602 low to $1784 high and it is still well above the $1700 level and the 100 hourly simple moving average. There is a key bullish trend line forming with the support near the $1700 on the hourly charts of the pair and the immediate resistnace on the upside is close to the $1740 level with the first major resistance nearing the $1750 zone. The main resistance is forming near the $1780 zone and a move above this level could push the price higher.

In this case, the price could rise towards the $1880 resistance and if ETH fails to rise above it, it can start a downside correction with initial support on the downside near the $1700 zone. Moving below the $1700 support might spark a move to the $1670 level and it is near the 50% Fib retracement of the recent increase of the $1602 swing low and $1784 high. More losses might push the price to the $1620 support and the 100 hourly simple moving average in the near term.

As earlier reported, Ahead of the Ethereum launch in 2015, the network sold its native ETH token via an initial coin offering, and 50 million ETH were sold during the ICO at that time. During its first few years, many argued that ETH passed the SEC Howey test which is used to assess whether or not an asset constitutes security. The test seeks to determine if a given transaction is an investment contract under three criteria.