Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance.
- Ethereum started a fresh recovery wave above the $1,820 resistance.
- The price is trading above $1,820 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $1,810 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 Remains Supported For Gains
Ethereum price remained supported and started a fresh increase above $1,780, similar to movements observed in Bitcoin. ETH gained pace for a move above the $1,800 resistance zone.
The bulls managed to push the price above the 50% Fibonacci retracement level of the downward move from the $1,872 swing high to the $1,752 low. Additionally, there is a connecting bullish trend line forming with support at $1,810 on the hourly chart of ETH/USD.
Currently, Ethereum price is trading above $1,820 and the 100-hourly Simple Moving Average. However, on the upside, the price appears to be encountering challenges near the $1,840 level and the 76.4% Fibonacci retracement level of the downward move from the $1,872 swing high to the $1,752 low.
The next key resistance level is positioned around $1,850, while the first significant resistance beyond that is near the $1,920 level. A clear move above the $1,920 resistance could drive the price towards the $1,950 resistance. An upside breakout above the $1,950 resistance might pave the way for more substantial gains in subsequent sessions, potentially targeting the $2,000 resistance zone or even reaching $2,050 in the near term.
What If Ethereum Declines?
Conversely, if Ethereum fails to breach the $1,850 resistance, it may initiate a new downside correction. Initial support on the downside is located near the $1,825 level, with the first significant support found around the $1,810 zone and the associated trend line.
A clear move below the $1,810 support could lead the price towards the $1,780 support level. Furthermore, any additional losses might drive the price to the $1,750 support level in the short term. The next crucial support is seen at $1,665.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 mark.
Major Support Level: $1,810
Major Resistance Level: $1,850
