Ethereum’s price recently received a boost as it found support near $1,750 against the US dollar. The cryptocurrency is now making another attempt to break above the $1,850 resistance level.
Key Points:
- Strong Support: Ethereum remained stable above the $1,750 support zone, which helped it recover from a recent dip.
- Moving Averages: The price is currently trading above $1,780 and the 100-hourly Simple Moving Average, indicating a positive trend.
- Bullish Trend Line: A crucial bullish trend line is forming with support around $1,795 on the hourly ETH/USD chart.
- Resistance Levels: To continue its upward trajectory, Ethereum needs to clear the $1,825 and $1,850 resistance levels.
Ethereum Price Rally Resumes:
Ethereum experienced a temporary dip below $1,800 but found strong support at $1,750, where buyers stepped in. This support helped initiate a fresh uptrend, similar to what Bitcoin has been doing.
The price managed to surpass the $1,780 and $1,785 resistance levels. It even climbed above the 50% Fibonacci retracement level of the recent downward correction, which extended from the $1,849 swing high to the $1,756 low. Moreover, a key bullish trend line is forming with support around $1,795 on the hourly chart of ETH/USD.
Ethereum is currently trading comfortably above $1,780 and the 100-hourly Simple Moving Average. On the upside, it faces resistance near the $1,825 level, which is close to the 76.4% Fibonacci retracement level of the recent correction from the $1,849 high to the $1,756 low.
Crucial Resistance Levels:
The initial significant resistance is around the $1,850 mark. A close above this level could trigger another rally. The next notable resistance level is at $1,880, and a break beyond that could lead the price towards the $1,950 mark. If the bullish momentum continues, it might even open the doors for a push towards $2,000.
Possible Decline:
In case Ethereum fails to clear the $1,825 resistance, it may face another decline. The initial support on the downside is near $1,800 and the trend line region. Further support is located at $1,750, which was the recent swing low. The primary support level is now forming around $1,740, along with the 100-hourly Simple Moving Average. A break below $1,740 might send the price lower, possibly towards $1,700, and more losses could lead to a drop to the $1,660 level.
Technical Indicators:
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, suggesting a positive trend.
- Hourly RSI: The RSI for ETH/USD is now above the 50 level, indicating strength in the current upward movement.
In summary, Ethereum is showing signs of recovery and is aiming to surpass key resistance levels, potentially leading to a rally towards $1,950 or even $2,000. However, it should be noted that failing to clear these resistance levels could result in a decline back towards $1,700 or $1,660.
