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Ethereum price seeks new spaces to rise

Having formed a good support base above $ 1.280, Ethereum a new upside attempt is starting. The price of ETH has already broken through the $ 1.300 and $ 1.320 resistance levels, and is looking to steadily aim above $ 1.350 and thus towards the $ 1.400 resistance.

On the downside, we find a first major support forming near the $ 1.340 level and the 100-hour simple moving average. On the upside, the $ 1.390 and $ 1.400 levels are initial hurdles, and the current price action suggests high possibilities of a break to the upside above the $ 1.400 resistance. In the case indicated, the price could easily head towards the $ 1.450 and $ 1.480 levels. At that point, the next major resistance is near the $ 1.500 level.

Conversely, if Ethereum fails to break out of the $ 1.390 and $ 1.400 resistance levels, then it could correct to the downside. As mentioned above, we find strong support forming near the $ 1.340 level and the 100 hour simple moving average. If the ether price fails to stay above the $ 1.340 support, there is a risk of a decline towards the $ 1.320 support zone.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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