Ethereum price initiated a new upward movement surpassing the $1,800 threshold. ETH is currently undergoing a correction and is trading beneath the $1,820 support level. Ethereum maintained its position above $1,750 and initiated a new upward movement. The price is currently positioned beneath $1,820 and the 100-hourly Simple Moving Average. A short-term bearish trend line is emerging, with resistance identified at $1,835 on the hourly chart of ETH/USD. The pair may initiate a new upward movement should it surpass the $1,840 resistance level.
The price of Ethereum has maintained its support above the $1,750 threshold and has initiated another upward movement, similar to Bitcoin. ETH surpassed the $1,800 and $1,820 resistance thresholds, establishing a foundation for a more significant upward movement. The bulls managed to elevate the price beyond $1,865. A peak was established at $1,873, and the price has recently initiated a downward correction. There was a decline beneath the $1,820 and $1,800 thresholds. The price has fallen beneath the 50% Fibonacci retracement level of the upward movement from the $1,734 swing low to the $1,873 high.
Ethereum price currently trades beneath $1,820 and the 100-hourly Simple Moving Average. A short-term bearish trend line is emerging, with resistance identified at $1,835 on the hourly chart of ETH/USD. On the upside, the price appears to encounter obstacles around the $1,820 mark. The subsequent significant resistance is located around the $1,840 mark. The initial significant resistance is located around the $1,880 mark. A decisive breach of the $1,880 resistance could propel the price towards the $1,950 resistance level. An upward breach of the $1,950 resistance level could signal further gains in the forthcoming sessions. In the given scenario, Ether may appreciate towards the $2,000 resistance level or potentially reach $2,050 in the short term.
If Ethereum is unable to surpass the $1,820 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,785 mark, coinciding with the 61.8% Fibonacci retracement level derived from the upward movement between the $1,734 swing low and the $1,873 peak. The initial significant support level is located around the $1,765 area. A decisive breach beneath the $1,765 support level could drive the price down to the $1,735 support threshold. Further declines could lead the price to approach the $1,720 support level in the short term. The subsequent crucial support level is positioned at $1,650.
Technical Indicators
- The hourly MACD for ETH/USD is exhibiting increasing momentum within the bearish territory.
- Hourly RSI – The RSI for ETH/USD currently resides beneath the 50 threshold.
- Major Support Level – 1,765
- Major Resistance Level – 1,840