ethereum price corrected lower from the $1,875 zone against the US Dollar. eth retested the $1,780 zone and could soon attempt a fresh rise.
- ethereum has key support at $1,780 and $1,750.
- The price is trading below $1,820 and the 100 hourly simple moving average.
- There was a break above a steep downtrend line with resistance near $1,795 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise towards the resistance levels of $1,850 and $1,875.
ethereum Price Reviews Uptrend Support
ethereum attempted a fresh rise above the $1,850 resistance, but the upside was limited, like bitcoin. eth traded as high as $1,874 and recently started a downward correction.
There was a move below the $1,850 and $1,820 levels. The price even shot up below the $1,800 level and the 100 hourly simple moving average. It retested the $1,780 support zone. A low forms near $1,777 and the price is now attempting another rise.
There was a break above a steep downtrend line with resistance near $1,795 on the hourly chart of eth/USD. ethereum is now trading near the 23.6% Fibonacci retracement level of the recent drop from the high of $1,874 to the low of $1,777.
On the upside, the price faces resistance near the $1,810 level and the 100 hourly simple moving average. The first major resistance lies at $1,825 or the 50% Fibonacci retracement level of the recent drop from the high of $1,874 to the low of $1,777.
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Fountain: ETHUSD on TradingView.com
If eth breaks the $1,825 resistance, it could again begin a steady rise and test $1,875. The next key resistance is near $1.920, above which the price could accelerate towards the $2.0000 level. Any further gains could require a move towards the $2,050 level.
More losses on eth?
If ethereum fails to overcome the $1,825 resistance, it could continue down. Initial support on the downside is near the $1,780 level or the recent low.
The next key support is $1,750. A downside break below the $1,750 support could trigger a bearish wave. In the indicated case, Ether could fall towards the $1,650 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,780
Main Resistance Level: $1,825
