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Ethereum price started a fresh increase from the $1,735 zone. ETH is now rising and might aim for a move above the $1,840 resistance zone.
- Ethereum remained strong above $1,720 and started a fresh increase
- The price is trading above $1,780 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,840 resistance zone.
Ethereum Price Eyes More Upsides
Ethereum price corrected gains from the $1,840 zone, like Bitcoin. ETH dipped below the $1,800 and $1,780 level but remained in range.
A low was formed at $1,733 and the price started a fresh increase. There was a move above the $1,780 and $1,800 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $1,842 swing high to the $1,733 low.
Besides, there was a break above a key bearish trend line with resistance at $1,800 on the hourly chart of ETH/USD. Ethereum price is now trading above $1,800 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,815 level and the 76.4% Fib retracement level of the downward move from the $1,842 swing high to the $1,733 low. The next key resistance is near the $1,840 level.
The first major resistance is near the $1,850 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,840 resistance, it could start a fresh decline. Initial support on the downside is near the $1,785 level. The first major support sits near the $1,760 zone.
A clear move below the $1,760 support might push the price toward the $1,735 support. Any more losses might send the price toward the $1,650 support level in the near term. The next key support sits at $1,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,785
Major Resistance Level – $1,840
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