Ethereum Price Looks Ready For Another Leg Higher Over $1,880

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

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 price corrected gains and traded below $1,850 against the US Dollar. ETH remained stable above $1,800 and is currently attempting a fresh increase.

Ethereum started a downside correction below the $1,880 support zone.
The price is trading near $1,850 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise again if it stays above the $1,860 and $1,850 support levels.

Ethereum Price Revisits 100-Hourly SMA

Ethereum’s price started a fresh decline from the $1,925 resistance zone. ETH declined below the $1,880 level to move into a short-term zone, similar to Bitcoin.

The price tested the $1,820 support zone. A low is formed at $1,825 and the price started a fresh increase. The bulls were able to pump above the $1,850 resistance level and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD.

However, the bears are active near the $1,880 level. A high is formed near $1,874 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent increase from the $1,825 swing low to the $1,874 high.

Ether’s price is now trading near $1,850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,880 level. The next major resistance is near the $1,925 zone.

Source: ETHUSD on TradingView.com

A clear move above the $1,925 resistance zone might send the price toward the $1,965 resistance. The next major resistance might be $2,000. Any more gains could set the pace for a test of the $2,120 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level or the 50% Fib retracement level of the recent increase from the $1,825 swing low to the $1,874 high.

The next major support is near the $1,820 zone, below which ether price might decline toward the $1,765 level. The next key support is near the $1,740 zone. If there is a break below $1,740, the price might extend its decline toward $1,680.

Technical Indicators

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

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

Major Support Level – $1,825

Major Resistance Level – $1,880

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.