ethereum price is still struggling to overcome the $1,850 resistance against the US dollar. eth could rally again if it breaks above $1,820 and $1,850.
- ethereum still faces a key barrier near the $1,850 zone.
- The price is trading above $1,785 and the 100 hourly simple moving average.
- There is a major ascending channel forming with support near $1,800 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its rise if it breaks the $1,820 resistance.
ethereum price remains supported
ethereum started a slow and steady rise from the $1,740 zone. eth was able to reclaim the $1,800 resistance zone and avoided a major downward correction, like bitcoin.
The bulls even pushed the price above the 50% Fibonacci retracement level of the downside correction from the high of $1,865 to the low of $1,740. Additionally, a major ascending channel is forming with support near $1,800 on the hourly chart of eth/USD.
ethereum is now trading above $1,785 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,820 level. It is close to the 61.8% Fibonacci retracement level of the downside correction from the high of $1,865 to the low of $1,740.
If eth breaks the $1,820 resistance, it could rise towards the key barrier of $1,850. A close above the $1,850 resistance could start a new rally. In the indicated case, the price could rise towards $1,950.
<img decoding="async" class="alignnone size-full wp-image-558528" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance is near $2,000, above which the price could accelerate higher. In the indicated case, the price could rise towards the $2,120 level. The main obstacle is located at $2,250.
Bearish wave in eth?
If ethereum fails to overcome the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,800 level, the 100 hourly simple moving average, and the trend line.
The next key support is $1,770. Major support is now forming near the $1,750 and $1,740 levels. A downside break below the $1,740 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 bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,740
Main Resistance Level: $1,820
