ethereum price started a decent rise after bitcoin rose 15% against the US dollar. eth is rising but might struggle to overcome the $1,850 resistance.
- ethereum started a steady rise above the $1,750 resistance.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,750 on the hourly chart of eth/USD (data via Kraken).
- The pair might find it difficult to break above the $1,850 and $1,880 resistance levels.
ethereum price rises 10%
ethereum remained in a positive zone above the $1,650 support zone. The recent surge in bitcoin above the $34,000 resistance sparked further upside in eth. There was a steady rise above the $1,720 and $1,750 resistance levels.
The price even surpassed the key $1,800 resistance zone. A high is formed near $1,849 and the price is now consolidating gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the low of $1,660 to the high of $1,849.
ethereum is now trading above $1,780 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,750 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the upward move from the low of $1,660 to the high of $1,849.
On the upside, the price is facing resistance near the $1,850 level. The first major resistance is near the $1,880 area. A close above the $1,880 resistance could push the price up further. The next key resistance is $1,920, above which the price could accelerate higher.
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Fountain: ETHUSD on TradingView.com
In the indicated case, Ether could start a sharp rise towards the $2,000 resistance. Any further gains could open the doors to a move towards $2,200.
Downward correction in eth?
If ethereum fails to overcome the $1,850 resistance, it could start a downward correction. Initial support on the downside is near the $1,800 level.
The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support could push the price down further. In the indicated case, the price could fall towards the $1,700 level. Any further losses could perhaps send Ether towards the $1,650 level and the 100 hourly simple moving average.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,750
Main resistance level: $1,850
