Ethereum price started a fresh increase above the $1,800 zone. ETH is now correcting gains and trading below the $1,820 support zone.
- Ethereum remained strong above $1,750 and started a fresh increase
- The price is trading below $1,820 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,840 resistance zone.
Ethereum Price Dips
Ethereum price remained supported above the $1,750 zone and started another increase, similar to Bitcoin. ETH climbed above the $1,800 and $1,820 resistance levels to set the tone for a larger increase.
The bulls even pushed the price above $1,865, forming a high at $1,873 before the price recently started a downside correction. A move below the $1,820 and $1,800 levels occurred, dipping below the 50% Fib retracement level of the upward move from the $1,734 swing low to the $1,873 high.
Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. Furthermore, there is a short-term bearish trend line forming with resistance at $1,835 on the hourly chart of ETH/USD.
On the upside, the price appears to face hurdles near the $1,820 level, with the next key resistance situated near $1,840. The first major resistance exists around $1,880. A clear move above this resistance could lead the price towards the $1,950 resistance level, and in a bullish scenario, Ether might test the $2,000 resistance zone or potentially reach $2,050 in the near term.
Another Decline In ETH?
Should Ethereum fail to breach the $1,820 resistance, a fresh decline could be on the horizon. Initial downside support is located near the $1,785 level, coinciding with the 61.8% Fib retracement level of the upward move from the $1,734 swing low to the $1,873 high. The first major support level is situated at approximately $1,765.
A clear move below the $1,765 support may lead the price towards the $1,735 support level. Continued bearish momentum could further push the price down towards the $1,720 support level, with the next significant support point being at $1,650.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is now below the 50 zone.
Major Support Level: $1,765
Major Resistance Level: $1,840
