The price of Ethereum demonstrates notable resilience, suggesting a potential upside break could be on the horizon. The price of Ethereum has initiated a downward correction, falling beneath the $1,780 threshold. ETH is currently consolidating around the $1,800 level and may target a breakout above $1,820. Ethereum initiated a downward correction and fell below the $1,765 threshold. The price is currently positioned above $1,770 and the 100-hourly Simple Moving Average. A bearish trend line is emerging, indicating resistance at $1,815 on the hourly chart of ETH/USD. The pair may initiate a new upward movement should it surpass the $1,820 resistance level.
The price of Ethereum has maintained stability above the $1,725 threshold and has initiated a new upward trend, similar to Bitcoin. ETH experienced a decline to $1,746 before rebounding past the $1,770 resistance threshold.
A movement occurred above the 23.6% Fibonacci retracement level of the decline from the $1,857 swing high to the $1,746 low. The bulls have successfully driven the price closer to the $1,800 resistance level. Nonetheless, a close above the $1,800 resistance was not achieved. The price encountered resistance close to the 50% Fibonacci retracement level of the decline from the $1,857 swing high to the $1,746 low. A bearish trend line is also taking shape, presenting resistance at $1,815 on the hourly chart of ETH/USD.
Ethereum price is currently positioned above $1,770 and the 100-hourly Simple Moving Average. On the upside, the price appears to be encountering obstacles around the $1,800 mark. The subsequent significant resistance is positioned around the $1,820 mark. The initial significant resistance is located around the $1,850 mark. A decisive breakthrough past the $1,850 resistance could propel the price towards the $1,920 resistance. An upward breach of the $1,920 resistance could signal further gains in the upcoming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.
If Ethereum fails to surpass the $1,820 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,770 level. The initial significant support is located around the $1,750 area. A definitive breach beneath the $1,750 support could drive the price down to the $1,650 support level. Further losses could potentially drive the price down to the $1,620 support level in the short term. The subsequent crucial support level is positioned at $1,550.
Technical Indicators :
- Hourly MACD – The MACD for ETH/USD is exhibiting increasing momentum within the bullish territory.
- Hourly RSI – The RSI for ETH/USD has ascended beyond the 50 threshold.
- Significant Support Level – $1,770
- Significant Resistance Threshold – $1,820