Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum extended its rise above the $1,820 resistance against the US Dollar. ETH price is currently correcting lower from $1,860, but it might find bids near $1,780.
- Ethereum extended its upward move above the $1,820 level and it even spiked above $1,850.
- The price is now well above the $1,780 support and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to remain active near $1,750.
Ethereum Price Remains In Uptrend
Ethereum remained in a bullish zone above the $1,750 zone, similar to bitcoin. ETH broke the $1,800 and $1,820 resistance levels to move further into a positive zone.
The price even spiked above the $1,850 resistance and it settled nicely above the 100 hourly simple moving average. A high is formed near $1,863 and the price is currently correcting lower. There was a break below the $1,850 pivot level.
Ether even declined below the 50% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high. It is now testing the $1,820 support zone.
Source: ETHUSD on TradingView.com
The 61.8% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high is also near $1,816. Moreover, there is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD.
On the upside, the $1,850 and $1,860 levels are key barriers for the bulls. A clear break above the $1,850 resistance and a follow up move above the $1,863 could set the pace for a test of $1,900.
Dips Limited in ETH?
If Ethereum fails to climb above the $1,850 and $1,860 resistance levels, it could correct lower. An initial support on the downside is near the $1,820 level.
The first major support is near the $1,800 level. The main support is now forming near the $1,750 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,700 and $1,650 support levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,850
