Ethereum extended its rise and traded to a new all-time high at $1,830 against the US Dollar. ETH price is trading in a positive zone and it looks set for more gains towards $1,900.
Ethereum corrected lower, but it regained strength to set a new all-time high near $1,830.
The price is now trading well above $1,750 and the 100 hourly simple moving average.
There is a major ascending channel forming with support near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip in the short-term, but the bulls are likely to aim more gains above $1,850.
Ethereum Price Remains Elevated
After spiking above the $1,800 level, Ethereum started a short-term downside correction (similar to bitcoin). ETH corrected below $1,760, but it remained stable above $1,720.
As a result, there was a fresh increase above the $1,800 level. Ether price even traded to a new all-time high near $1,830 and settled well above the 100 hourly simple moving average. It is now showing positive signs above the $1,800 level.
An initial support is near the $1,790 level. It is close to the 50% Fib retracement level of the recent wave from the $1,755 swing low to $1,830 high. There is also a major ascending channel forming with support near $1,760 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An intermediate support is near the $1,770 level. It coincides with …