ethereum price is consolidating gains below the $1,850 resistance against the US Dollar. eth must hold above the $1,750 support to start a new rise.
- ethereum is still struggling to gain pace to break above $1,850.
- The price is trading above $1,770 and the 100 hourly simple moving average.
- A key contracting triangle is forming with support near $1,780 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its decline if it fails to hold above the $1,740 support.
ethereum Price Stays Rangebound
ethereum failed to continue rising above the $1,850 level and began a downward correction. eth corrected lower below $1,800, but bulls remained active near $1,750.
A low was formed near $1,741 and the price is now making a new attempt to gain pace, like bitcoin. There was a move above the $1,780 level. The price tested the 50% Fibonacci retracement level of the downward move from the high of $1,866 to the low of $1,741.
ethereum is now trading above $1,770 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $1,780 on the hourly chart of eth/USD.
On the upside, the price is facing resistance near the $1,800 level. The first major resistance is near the $1,815 area. It is close to the 61.8% Fibonacci retracement level of the downside move from the high of $1,866 to the low of $1,741.
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Fountain: ETHUSD on TradingView.com
A close above the $1,815 resistance could start a decent rise. In the given case, Ether could revisit the $1,850 resistance. The next key resistance is near $1,865, above which the price could accelerate higher. In the indicated case, the price could rise towards the $1,920 level. The main obstacle is located at $2,000.
Another drop in eth?
If ethereum fails to overcome the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, the 100 hourly simple moving average, and the trend line.
The next key support is $1,740. A downside break below the $1,740 support could push the price down further. In the indicated case, Ether could fall towards the $1,700 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,720
Main Resistance Level: $1,815
