Ethereum is showing a positive signal above $1,720 against the US Dollar. If there is a clear move above the $1,850 resistance, ETH could start a strong rise.
- Ethereum remained well supported above the $1,720 support area.
- The price is now trading below $1,820 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move above the $1,850 resistance area, the pair could start a strong rise.
Ethereum Price Hold Support
Ethereum remained well supported above the $1,720 support area. A base was formed near $1,725 and there was a fresh rise.
The price climbed above the $1,800 resistance and the 100 hourly simple moving average. However, the price struggled to gain momentum above the $1,850 level. A high was formed near $1,875 and the price corrected. It is now consolidating above the $1,770 level.
There was a recent low near $1,753 formed before the price climbed higher above $1,780. Ether price is now trading below $1,820 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $1,810 level. There is also a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,875 high to $1,753 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,830 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,875 high to $1,753 low. The main resistance is near the $1,850 level. A clear move above the $1,850 resistance could start a strong rise.
Latest drop in ETH?
If Ethereum fails to rise above the $1,850 resistance, it could continue with a downside move. An initial support on the downside is near the $1,770 area.
The next major support is near the $1,720 level. Selling pressure is likely to increase below the $1,720 support level. In the said case, the price may move towards the $1,650 support area in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is now losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now near the 50 level.
Key Support Level – $1,720
Key Resistance Level – $1,850
