Ethereum price is slowly moving towards the resistance at $1,850 against the US dollar. ETH needs to clear $1,820 and $1,850 to continue higher.
- Ethereum still faces a major hurdle near the $1,850 zone.
- The price is trading above USD 1,780 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks the $1,820 resistance.
Ethereum price looks fresh
Ethereum remained within a range below the USD 1,850 resistance. There was a small decline, but ETH, like Bitcoin, remained supported above the $1,750 zone.
The price is now moving higher above the USD 1,780 level. There was a break above the 50% Fib retracement level of the upward move from the $1,865 swing high to the $1,741 low. A major ascending channel is also forming with support near $1,790 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,780 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 upward move from the $1,865 swing high to the $1,741 low.
A clear move above the USD 1,820 resistance could send Ether towards the main hurdle at USD 1,850. A close above the $1,850 resistance could trigger a significant upside. In the mentioned case, the price could rise towards $1,920.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 1,950, above which the price could accelerate higher. In the said case, the price could rise to the $2,000 level. The main hurdle is at $2,040.
Another drop in ETH?
If Ethereum fails to clear the USD 1,820 resistance, it could trigger another decline. Initial downside support is near the $1,790 level, the 100-hour Simple Moving Average, and the trendline.
The next major support is at USD 1,750. A downward break below the $1,750 support could lead to more bearish moves. In the mentioned case, Ether could drop to the $1,700 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 below the 50 level.
Major support level – $1,750
Major resistance level – $1,820
