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Why Ethereum Bulls Aim Fresh Rally Above $4K!

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Ethereum is holding gains above the $3,800 level against the US Dollar. ETH price is struggling near $3,880, but it could accelerate higher unless the bulls fail to protect $3,680.
Ethereum started another decline from the $3,880 resistance zone.
The price is trading above $3,800 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,880 zone to start a fresh increase in the near term
Ethereum made another attempt to gain strength above the $3,850 level. ETH spiked above $3,880, but there was no upside continuation. A high was formed near $3,891 before there was a downside correction.
The price declined below the $3,850 and $3,820 levels. Besides, there was a break below the 50% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. However, the bulls were active near the $3,750 zone and the 100 hourly simple moving average.
It found support near the 61.8% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. There is also a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD.

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