Ethereum Price Eyes Fresh Rally Unless ETH Dips Below This Support

Nov 2, 2022 06:00 am Cryptocurrency 143

Ethereum is showing positive signs above the $1,550 zone against the US Dollar. ETH could start a fresh rally unless it breaks the $1,550 support zone.

Ethereum is consolidating and is showing positive signs above the $1,550 support zone.

The price is now trading above $1,550 and the 100 hourly simple moving average.

There is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh surge if it clears the $1,600 and $1,620 levels.

Ethereum Price Remains Supported For Gains

Ethereum remained well bid after it started a downside correction from the $1,665 zone. ETH declined below the $1,580 level, but the bulls were active near the $1,550 level.

The price tested the key 61.8% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. The bulls defended more losses below the $1,550 support zone and the ethereum price fresh rally unless below support