Ethereum price started a downside correction from the $1,850 level. ETH is now consolidating near the $1,800 zone and might aim for a move above $1,820.
- Ethereum started a downside correction and traded below the $1,800 level.
- The price is trading above $1,780 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,850 resistance zone.
Ethereum Price Eyes More Upsides
Ethereum price remained stable above the $1,745 level and started a fresh increase, like Bitcoin. ETH climbed back above the $1,800 resistance level before the bears appeared.
A high was formed at $1,842 and the price corrected some gains. There was a move below the $1,820 level. The price dipped below the 50% Fib retracement level of the upward move from the $1,746 swing low to the $1,842 high.
However, the bulls remained active near the $1,780 level and the 61.8% Fib retracement level of the upward move from the $1,746 swing low to the $1,842 high.
Ethereum price is now trading above $1,780 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,810 level. The next key resistance is near the $1,820 level. There is also a short-term contracting triangle forming with resistance at $1,810 on the hourly chart of ETH/USD.
The first major resistance is near the $1,850 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start a fresh decline. Initial support on the downside is near the $1,780 level. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,620 support. Any more losses might send the price toward the $1,600 support level in the near term. The next key support sits at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,780
Major Resistance Level – $1,850