The price of Ethereum started to rise significantly after Bitcoin rose 15% against the US dollar. ETH is rising, but it could struggle to clear the USD 1,850 resistance.
- Ethereum started a steady rise above the USD 1,750 resistance.
- The price is trading above USD 1,780 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to break the $1,850 and $1,880 resistance levels.
Ethereum Price Rises 10%
Ethereum remained in a positive zone above the USD 1,650 support zone. The recent pump in Bitcoin above the $34,000 resistance provided more upside in ETH. There was a steady rise above the USD 1,720 and USD 1,750 resistance levels.
The price has even crossed the key resistance zone at USD 1,800. A high is formed near USD 1,849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.
Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. A major bullish trendline is also forming with support near $1,750 on the hourly chart of ETH/USD. The trendline is near the 50% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.
On the upside, the price is facing resistance around the $1,850 level. The first major resistance is near the $1,880 zone. A close above the USD 1,880 resistance could send the price rising further. The next major resistance is USD 1,920, above which the price could accelerate higher.
Source: ETHUSD on TradingView.com
In the mentioned case, Ether could start a strong rise towards the USD 2,000 resistance. Any gains could open the doors for a move towards $2,200.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 1,850 resistance, it could initiate a downward correction. The initial downside support is near the USD 1,800 level.
The next major support is USD 1,750 and the trendline zone. A downside break below the USD 1,750 support could push the price further down. In the mentioned case, the price could fall towards the USD 1,700 level. Any further losses could perhaps send Ether towards the $1,650 level and the 100-hourly Simple Moving Average.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,750
Major resistance level – $1,850
