Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum extended its rally above the $1,800 resistance against the US Dollar. ETH price is currently correcting lower from $1,840, but it might find bids near $1,750.
- Ethereum remained in a positive zone and it pumped above the $1,800 resistance.
- The price is now well above the $1,750 support and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to protect $1,750 and $1,720.
Ethereum Price Turns Attractive
Ethereum started a steady increase above the $1,750 resistance, similar to bitcoin. ETH broke the $1,780 and $1,800 resistance levels to move further into a positive zone.
The price even cleared the $1,820 level and settled nicely above the 100 hourly simple moving average. It traded as high as $1,840 before starting a downside correction. There was a break below the $1,820 and $1,800 levels.
Ether is now trading below the 23.6% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high. On the downside, there are many supports, starting with the $1,750 level. There is also a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the bulls are likely to face hurdles near $1,840 and $1,850. If there is a successful close above the $1,850 level, the price is likely to surge in the coming sessions. In the stated case, the price is likely to visit the $1,920 and $1,950 levels.
Dips Supported in ETH?
If Ethereum fails to climb above the $1,840 and $1,850 resistance levels, it could correct lower. An initial support on the downside is near the $1,750 level. The 50% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high is also near the $1,750 level.
The next major support is near the $1,720 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,660 and $1,650 support levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,840
