Ethereum price is still struggling to clear the USD 1,850 resistance against the US dollar. ETH could rise again if it clears $1,820 and $1,850.
- Ethereum still faces a major barrier near the $1,850 zone.
- The price is trading above USD 1,785 and the 100-hourly Simple Moving Average.
- A large ascending channel is forming with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rise if it overcomes the USD 1,820 resistance.
Ethereum price remains supported
Ethereum started a slow and steady rise from the $1,740 zone. ETH managed to regain the $1,800 resistance zone and avoided a major downside correction like Bitcoin.
The bulls even pushed the price above the 50% Fib retracement level of the downside correction, from the $1,865 swing high to the $1,740 low. Additionally, a large ascending channel is forming with support near $1,800 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,785 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $1,820 level. It is close to the 61.8% Fib retracement level of the downward correction from the $1,865 swing high to the $1,740 low.
If ETH surpasses the USD 1,820 resistance, it could rise towards the key USD 1,850 barrier. A close above the $1,850 resistance could spark another rally. In the mentioned case, the price could rise towards $1,950.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 2,000, above which the price could accelerate higher. In the mentioned case, the price could rise towards the USD 2,120 level. The main hurdle is at $2,250.
Bearish wave in ETH?
If Ethereum fails to clear the USD 1,820 resistance, it could trigger another decline. Initial downside support is near the $1,800 level, the 100-hour Simple Moving Average, and the trendline.
The next major support is at USD 1,770. The main support is now forming around the USD 1,750 and USD 1,740 levels. A downside break below the $1,740 support could trigger a bearish wave. In the mentioned case, Ether could fall towards the USD 1,650 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,740
Major resistance level – $1,820
