ethereum price found support near $1,750 against the US Dollar. eth is again rising and attempting a bullish break above the $1,850 resistance.
- ethereum remained well bid above the $1,750 support zone.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,795 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $1,825 and $1,850 resistance levels.
ethereum Price Could Restart Rally
ethereum started a downward correction below the $1,800 level. eth tested the $1,750 support where bulls emerged. A low was formed near $1,756 and the price started a new rise, like bitcoin.
There was a move above the $1,780 and $1,785 resistance levels. The price was able to rise above the 50% Fibonacci retracement level of the downside correction from the high of $1,849 to the low of $1,756. There is also a key bullish trend line forming with support near $1,795 on the hourly chart of eth/USD.
ethereum is now trading above $1,780 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,825 level. It is close to the 76.4% Fibonacci retracement level of the downside correction from the high of $1,849 to the low of $1,756.
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Fountain: ETHUSD on TradingView.com
The first major resistance is near the $1,850 area. A close above the $1,850 resistance could trigger another rally. The next key resistance is near $1,880, above which the price could accelerate higher. In the indicated case, Ether could rise towards the $1,950 level. Any additional gains could open the doors to a move towards $2,000.
Another drop in eth?
If ethereum fails to overcome the $1,825 resistance, it could start another decline. Initial support on the downside is near the $1,800 level and the trendline region.
The next key support is $1,750 and the latest low. The main support is now forming near the $1,740 level and the 100 hourly simple moving average. 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. Any further losses could perhaps send the price towards the $1,660 level.
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
