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Chart of the Day – ETH – Daily chart
Over the last two days, ETH has tried to claim back the 200 moving average (MA) on the Daily Chart, which is currently just below the $3500 resistance level. The 200MA represents an average daily close price over the last 200 Days, and once the price starts trading above the 200MA on the daily, it is a very bullish sign, and in most cases leads to further upside.
If the daily candle on ETH can close above the 200MA, and also the $3500 resistance level, over the next couple of days, we could see much more upside in price, with the 0.618 Retracement of $3842 being the next resistance overhead. The retracement is measured between November 2021’s high and February 2022’s low. We have seen the ETH dominance spike over the last two weeks, and it does seem to be over yet, with a lot more to come.
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