Ethereum’s price is currently consolidating just below the $1,850 mark against the US dollar. For an upward trend, ETH needs to maintain support above $1,750.
At present, Ethereum is encountering challenges in surpassing the $1,850 level, leading to a corrective phase. Despite a drop below $1,800, support near $1,750 helped prevent further decline.
The price bottomed near $1,741 before initiating a new attempt to rise. As of now, Ethereum sits above $1,770 and the 100-hourly Simple Moving Average. A significant pattern, a contracting triangle with support near $1,780, has formed on the hourly ETH/USD chart.
While Ethereum trades above $1,770, the key challenge remains at the $1,800 level, with the initial major resistance near $1,815. Surpassing this level might trigger a bullish move, potentially revisiting the $1,850 resistance. The subsequent hurdle lies near $1,865, above which the price could surge higher towards the $1,920 mark, eventually eyeing the critical barrier at $2,000.
However, a failure to breach the $1,815 resistance might prompt a new decline. Initial support levels sit near $1,780, alongside the 100-hourly Simple Moving Average and the mentioned trend line. Subsequently, if Ethereum breaks below the $1,740 support, it might decline further towards the $1,700 level.
Regarding technical indicators, the hourly MACD for ETH/USD indicates a waning bullish momentum, while the hourly RSI has dropped below the 50 level.
Key Levels to Watch:
- Major Support Level: $1,720
- Major Resistance Level: $1,815
In summary, Ethereum’s price is currently at a pivotal point, requiring a break above $1,815 for a bullish extension towards $2,000. Failure to surpass this resistance might lead to a downside move towards $1,700.
