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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle

Aayush Jindal by Aayush Jindal
1 year ago
in ETH
Reading Time: 2 mins read

Ethereum is still above the $1,720 support against the US Dollar. ETH must clear $1,820 and $1,850 to start a steady increase in the near term.

  • Ethereum is still above the main $1,720 support zone.
  • The price is now trading below $1,800 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a strong increase if there is a clear move above $1,820 and $1,850.

Ethereum Price Tests Key Support

Ethereum attempted a fresh increase above the $1,820 resistance zone. However, there was no upside continuation and the price stayed below the $1,850 resistance zone.

A high was formed near $1,831 and the price moved lower. There was a break below the $1,800 support zone and the 100 hourly simple moving average. A low is formed near $1,767 and the price stayed above the key $1,750 support zone.

Ether is now consolidating above the $1,750 support. It climbed above the 23.6% Fib retracement level of the recent decline from the $1,831 swing high to $1,767 low. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

On the upside, an initial resistance is near the $1,800 level. There is also a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,831 swing high to $1,767 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,820 level. The main resistance is still near the $1,850 level. A clear move above the $1,850 resistance might start a strong increase. The next major resistance is near the $1,920 level.

Downside Break in ETH?

If ethereum fails to rise above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,765 zone.

The next major support is near the $1,720 level. A clear move and break below the $1,720 support could start a major decline. In the stated case, the price could slide towards the $1,650 support zone in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now just near the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,820

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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