Ethereum price started a fresh increase above the $1,800 zone. ETH is now correcting gains and trading below the $1,820 support zone.
- Ethereum remained strong above $1,750 and started a fresh increase
- The price is trading below $1,820 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,840 resistance zone.
Ethereum Price Dips
Ethereum price remained supported above the $1,750 zone and started another increase, like Bitcoin. ETH climbed above the $1,800 and $1,820 resistance levels to set the tone for a larger increase.
The bulls even pushed the price above $1,865. A high was formed at $1,873 and the price recently started a downside correction. There was a move below the $1,820 and $1,800 levels. The price dipped below the 50% Fib retracement level of the upward move from the $1,734 swing low to the $1,873 high.
Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. There is also a short-term bearish trend line forming with resistance at $1,835 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $1,820 level. The next key resistance is near the $1,840 level. The first major resistance is near the $1,880 level. A clear move above the $1,880 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,820 resistance, it could start a fresh decline. Initial support on the downside is near the $1,785 level and the 61.8% Fib retracement level of the upward move from the $1,734 swing low to the $1,873 high. The first major support sits near the $1,765 zone.
A clear move below the $1,765 support might push the price toward the $1,735 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,765
Major Resistance Level – $1,840
