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Ethereum Rally Heads For $ 800 And Above

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Ethereum to $800; Bitcoin BULL RUN at $12,000 & ‘Blue Wave’ of Stimulus Hopes

Ethereum Rally Heads For $ 800 And Above

Ethereum Rally Heads For $ 800 And Above
CONTENT

  • Long-term resistance for Ethereum is located at $ 835 and $ 1015.

  • ETH is trading above $ 625 support.

  • Technical indicators remain bullish.

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Ethereum (ETH) is targeting the $ 835- $ 1015 long-term resistance area. Here is an important Fibonacci retracement level from the historical high.

The market is not showing signs of weakening yet, which indicates the possibility of reaching the $ 835 area.

Long-term Ethereum levels

Ethereum Rally Heads For $ 800 And Above

On the weekly ETH chart, the price is approaching the long-term resistance level of $ 835 (Fibo 0.5 retracement). If the bulls manage to break it, the next resistance will come into play around $ 1,014 (0.618 Fib).

The indicators on the weekly chart show no signs of weakness, which gives us reason to expect further development of the bullish trend..

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ETH rate. Source: TradingView

Cryptocurrency trader @TraderLenny shared an ETH chart with his Twitter readers, commenting that the weekly closing level promises an explosive rise for the price.

In his opinion, a successful break above $ 835 could lead to a rapid rally in ETH towards $ 1,014.

Source: Twitter

Growth continues

On the daily chart, the ETH rate continues to grow, and there is a lack of significant resistance levels above the current levels, with the exception of the Fibonacci levels we highlighted earlier.

Ethereum Rally Heads For $ 800 And Above

Although the MACD indicator is losing strength, the RSI and the Stochastic Oscillator are rising. This indicates the likelihood that ETH may continue to move north in the direction of our targets..

ETH rate. Source: TradingView

Likewise, on the 6-hour chart, ETH made a bullish breakout of the downtrend resistance line and has since strengthened, turning this level into support.

In addition, the price is holding above the $ 625 support area. As long as this state of affairs is maintained, the trend will be considered bullish. Technical indicators do not give any signals of weakening either. It also suggests the likelihood that ETH will rise towards the specified target levels..

ETH rate. Source: TradingView

Wave analysis

The results of the wave analysis suggest that ETH has completed the formation of the 4th wave and began the 5th wave (black color in the chart below).

A likely level for the formation of a top within this wave may be the area between $ 809 and $ 813 (Fibo level 4.61 of wave 1 extension and Fibo level 1.61 of wave 1-3 extension).

This target level coincides with an area of ​​long-term resistance, making this area a good candidate for a top..  

Ethereum Rally Heads For $ 800 And Above

ETH rate. Source: TradingView

Conclusion

Thus, we expect that the Ethereum rate will continue to rise towards the target level of $ 835, and, possibly, to $ 1015.

You can read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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