Ethereum Price on the Rise as Bitcoin Gains Momentum
The price of Ethereum (ETH) has started to increase after Bitcoin (BTC) gained momentum against the US dollar. ETH is currently experiencing a rise and there are expectations that it might test the key resistance level of $1,750.
Ethereum has experienced a decent increase, surpassing the resistance level of $1,650. The price is currently trading above $1,660 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $1,645. Despite the upward trend, it is anticipated that the pair might face strong resistance near the $1,750 level.
Overall, Ethereum is showing positive momentum and is trading well above key support levels. It is expected to continue its ascent towards the $1,750 resistance level and potentially even reach $2,000 if the upward trend continues. However, a downside correction could be possible if Ethereum fails to break the $1,700 resistance level, with initial support anticipated at $1,660.
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