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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 Rally

Ethereum Price Holds Strong at $1,800 – A Strong Case for Upside

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum price is holding gains above the $1,800 level against the US Dollar. ETH could gain bullish momentum if it clears the $1,880 resistance zone.

  • Ethereum is attempting a fresh increase from the $1,820 zone.
  • The price is trading near $1,865 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise steadily if it clears the $1,880 resistance in the near term.

Ethereum Price Aims Fresh Increase

Ethereum’s price started a downside correction below the $1,865 support. ETH even spiked below the $1,820 level but the downsides were limited, unlike Bitcoin.

A low is formed near $1,817 and the price is now attempting a fresh increase. There was a break above the $1,840 resistance zone. Besides, there was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD.

Ether is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. It is also trading near $1,865 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,875 level or the 61.8% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance is near the $1,900 level. The first breakout level is near the $1,920 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $1,920 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,875 resistance or $1,880, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.

The next major support is near the $1,840 level. The first major support is near $1,820. If there is a move below $1,820, the price could drop toward $1,790. Any more losses may perhaps send the price toward the $1,740 support.

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 below the 50 level.

Major Support Level – $1,820

Major Resistance Level – $1,880

Tags: ETHethereumethusdETHUSDT
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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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