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Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

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Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

ETH price started a fresh increase and broke the key $265 resistance area against the US Dollar.The price settled above the $265 level and traded close to the $272 level.There was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently consolidating gains, but it is likely to climb further higher above $275.Ethereum price is gaining bullish momentum versus the US Dollar, similar to Looking at the chart, Ethereum price is clearly trading nicely above the $265 pivot level. As long as there is no close below the $258 level, there are chances of a fresh increase. A clear break above the $272 level will most likely open the doors for a sharp rise above the $275 and $280 levels in the coming sessions.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is placed heavily in the bullish zone, with positive signs.Hourly RSI The RSI for ETH/USD is currently correcting lower from the overbought levels towards the 60 level.Major Support Level – $260Major Resistance Level – $272

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Author: Aayush Jindal

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