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Ethereum price remained well below the $1,840 resistance against the US Dollar. If ETH clears $1,840 and $1,850, it could start a decent increase.
- Ethereum is currently facing a strong hurdle near the $1,850 resistance area.
- The price is trading well above the $1,800 level and the 100 hourly simple moving average.
- There is a major 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 increase if it overcomes 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 area. ETH moved above the $1,800 and $1,820 resistance levels, similar to bitcoin.
The price even moved higher towards the $1,840 resistance, where the bears appeared. A high was 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.
There is also consolidation near the 23.6% Fib retracement level of the upward move from the $1,782 low to $1,834 high. An immediate resistance is near the $1,830 level. There is also a major bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next resistance sits near the $1,840 level, above which Ethereum could gain bullish momentum and move towards $1,850. If there is an upside move above the $1,880 resistance, the price could continue to accelerate towards the $1,920 level. Any further gains above the $1,920 resistance area could start a decent move towards the $2,000 resistance.
Fresh decline in ETH?
If Ethereum fails to overcome the $1,840 resistance, it could start a downside correction. An 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 area or the 50% Fib retracement level of the upward 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 mentioned case, the price could decline towards the $1,780 support area. Any further losses could probably take the price towards the $1,740 level in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is above the 50 level.
Key Support Level – $1,800
Key Resistance Level – $1,850
