Ethereum price started a downside correction and tested the $1,750 zone. ETH is now rising and attempting a move above the $1,850 resistance.
- Ethereum started a fresh recovery wave above the $1,800 resistance.
- The price is trading above $1,800 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it breaks the $1,850 resistance level.
Ethereum Price Aims Higher
Ethereum price started a downside correction from the $1,880 zone, similar to Bitcoin’s recent movements. ETH declined below the $1,850 and $1,800 support levels before finding strength around the $1,750 mark.
A low was established at $1,752 from which the price initiated an upward trend. It successfully rose above the $1,800 and $1,810 resistance levels, climbing above the 50% Fibonacci retracement level of the recent downward move from the $1,872 swing high to $1,752 low.
Additionally, a break above a key bearish trend line with resistance at $1,820 was noted on the hourly chart of ETH/USD. Currently, Ethereum is trading above both the $1,800 mark and the 100-hourly Simple Moving Average.
On the upside, the price appears to face resistance near the $1,840 level, which corresponds to the 76.4% Fibonacci retracement level of the decline from $1,872 to $1,752. The next significant resistance level is positioned at $1,850, with the first major hurdle being near the $1,880 level.
Should Ethereum clear the $1,880 resistance convincingly, it may pave the way for an upward trajectory towards the $1,920 level. An eventual breakout above the $1,920 barrier could herald further bullish activity, with price targets potentially approaching the $2,000 or even the $2,050 resistance zones in the near term.
Potential for a Decline in ETH?
If Ethereum struggles to overcome the $1,850 resistance, it could begin a downward trend. Initial support on the downside is identified around the $1,820 level. The first major support remains near the $1,810 zone.
A decisive decline below the $1,810 support threshold may lead to further drops, targeting the $1,780 support. More substantial losses could push the price back down towards the $1,750 support level, with key support situated at $1,665.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining positive momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD has surpassed the 50 level, reflecting bullish sentiment.
Major Support Level: $1,810
Major Resistance Level: $1,850
