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Ethereum Price

Ethereum Price Breaking This Confluence Resistance Could Spark Rally

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

Ethereum price is slowly moving higher above the $1,750 resistance against the US Dollar. ETH could rally if it clears the $1,800 resistance zone.

  • Ethereum is slowly moving higher above the $1,750 and $1,760 levels.
  • The price is trading above $1,750 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,745 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further if it clears the $1,800 resistance zone.

Ethereum Price Recovers

Ethereum price remained well bid above the $1,700 level. ETH formed a base and started a fresh increase above the $1,740 resistance zone, similar to bitcoin.

The price was able to clear the 50% Fib retracement level of the downward move from the $1,801 swing high to $1,686 low. Besides, there was a break above a major bearish trend line with resistance near $1,745 on the hourly chart of ETH/USD.

Ether price is now trading above $1,750 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $1,801 swing high to $1,686 low.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,790 zone. The next major resistance is near the $1,800 zone. A clear move above the $1,800 resistance zone might start a steady increase. The next major resistance might be $1,840. Any more gains could set the pace for a test of the $1,950 resistance zone in the near term. Finally, if the bulls remain in action, the price could rise and test the $2,000 resistance zone.

Fresh Decline in ETH?

If ethereum fails to clear the $1,800 resistance, it could start another decline. An initial support on the downside is near the $1,750 level and the 100 hourly simple moving average.

The next major support is near the $1,720 zone. The main support is now near the $1,700 zone. If there is a break below $1,700, the price might gain bearish momentum and drop towards $1,665. Any more losses might call for a test of the $1,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $1,750

Major Resistance Level – $1,800

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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