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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, like Bitcoin. ETH declined below the $1,850 and $1,800 support levels. Finally, the price found support near the $1,750 level.
A low was formed at $1,752 and the price started a fresh increase. There was a move above the $1,800 and $1,810 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low.
Besides, there was a break above a key bearish trend line with resistance at $1,820 on the hourly chart of ETH/USD. Ethereum price is now trading above $1,800 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,840 level and the 76.4% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low. The next key resistance is near the $1,850 level. The first major resistance is near the $1,880 level.
A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start a fresh decline. Initial support on the downside is near the $1,820 level. The first major support sits near the $1,810 zone.
A clear move below the $1,810 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits 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 now above the 50 zone.
Major Support Level – $1,810
Major Resistance Level – $1,850