Ethereum is still trading above the $1,720 support level against the US Dollar. ETH must clear the $1,820 and $1,850 levels to start a steady rise in the near term.
- Ethereum is still holding above the key $1,720 support area.
- The price is now trading below $1,800 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move above $1,820 and $1,850, the pair can start a strong rise.
Ethereum Price Tests Key Support
Ethereum attempted a fresh rise above the $1,820 resistance area. However, there was no upside continuation and the price remained below the $1,850 resistance area.
A high was formed near $1,831 and the price declined. There was a break below the $1,800 support area and the 100 hourly simple moving average. A lower level is formed near $1,767 and the price is staying above the key $1,750 support area.
Ether is now consolidating above the $1,750 support level. It climbed above the 23.6% Fib retracement level of the recent decline from the $1,831 high to $1,767 low.
On an upside, an initial resistance is near the $1,800 level. There is also a key bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,831 high to $1,767 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,820 level. The main resistance is still near the $1,850 level. A clear move above the $1,850 resistance could start a strong rise. The next major resistance is near the $1,920 level.
Downside Break in ETH?
If Ethereum fails to rise above the $1,820 resistance, it could continue with a downside move. An initial support on the downside is near the $1,765 area.
The next major support is near the $1,720 level. A clear move and a break below the $1,720 support could start a major decline. 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 just near the 50 level.
Key Support Level – $1,720
Key Resistance Level – $1,820
