ethereum price is slowly rising towards the $1,850 resistance against the US Dollar. eth must clear $1,820 and $1,850 to continue rising.
- ethereum still faces a major hurdle near the $1,850 zone.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- A key ascending channel is forming with support near $1,790 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $1,820 resistance.
ethereum price foresees a new increase
ethereum remained range-bound below the $1,850 resistance. There was a small drop, but eth remained above the $1,750 zone, as did bitcoin.
The price is now moving up above the $1,780 level. There was a break above the 50% Fibonacci retracement level of the upward move from the high of $1,865 to the low of $1,741. There is also a key ascending channel forming with support near $1,790 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 $1,820 level. It is close to the 61.8% Fibonacci retracement level of the upward move from the high of $1,865 to the low of $1,741.
A clear move above the $1,820 resistance could send Ether towards the main hurdle at $1,850. A close above the $1,850 resistance could start a decent rise. In the indicated case, the price could rise towards $1,920.
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Fountain: ETHUSD on TradingView.com
The next key resistance is near $1,950, above which the price could accelerate higher. In the indicated case, the price could rise towards the $2,000 level. The main obstacle is located at $2,040.
Another drop in eth?
If ethereum fails to overcome the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,790 level, the 100 hourly simple moving average, and the trend line.
The next key support is $1,750. A downside break below the $1,750 support could trigger further bearish moves. 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: $1,750
Main Resistance Level: $1,820
