Ethereum price is still below the $1,840 resistance against the US Dollar. ETH could start a decent rise if it breaks above $1,840 and $1,850.
- Ethereum is currently facing a strong hurdle near the $1,850 resistance zone.
- The price is trading above $1,800 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh rise if it breaks above the $1,840 and $1,850 resistance levels.
Ethereum Price Could Rally Above $1,850
Ethereum price started a decent upward move from the $1,780 support zone. ETH moved above the $1800 and $1820 resistance levels, similar to Bitcoin.
The price even spiked towards the $1,840 resistance where the bears emerged. A high is formed near $1,835 and the price is now consolidating gains. Ether is now trading above $1,800 and the 100 hourly simple moving average.
It is also consolidating near the 23.6% Fibonacci retracement level of the up move from the $1,782 low to $1,834 high. Immediate resistance is near the $1,830 level. There is also a key bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1,840, above which Ethereum could gain bullish momentum and rally to $1,850. If there is a move above the $1880 resistance level, the price could go looking towards the $1920 level. More gains above the $1,920 resistance zone could initiate a decent rally towards the $2,000 resistance.
New drop in ETH?
If Ethereum fails to clear the resistance at $1840, a correction to the downside could begin. Initial support on the downside is near the $1,815 level and the 100 hourly SMA.
The next major support is near the $1,800 zone or the 50% Fibonacci retracement level of the up move from the $1,782 low to $1,834 high. If there is a clear move below the $1,800 support, the price could gain bearish momentum. In the indicated case, the price could fall towards the support zone of $1,780. Any further losses could send the price looking towards the $1,740 level in the short term.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,850
