Ethereum extended its surge, trading at a new all-time high of $ 1,830 against the US dollar. The ETH price is trading in a positive zone and further gains are expected towards USD 1,900.
- Ethereum corrected lower but regained strength to hit a new all-time high near $ 1,830.
- The price is now trading well above $ 1,750 and the 100-hour simple moving average.
- A large ascending channel is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,760.
- The pair could break in the short term, but the bulls should aim for more gains above $ 1,850.
The price of the Ethereum remains high
After Ethereum rose above the $ 1,800 level, it started a short-term downward correction (similar to Bitcoin). ETH corrected below $ 1,760 but remained stable above $ 1,720.
As a result, there has been another surge above the $ 1,800 level. Ether price even hit a new all-time high near $ 1,830, well above the 100-hour simple moving average. It is now showing positive signs above the $ 1,800 level.
Initial support is near the USD 1,790 level. It is close to the 50% fib retracement level of the recent wave from the low of $ 1,755 to the high of $ 1,830. There is also a large ascending channel with support near USD 1,760 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
Intermediate support is near the $ 1,770 level. It coincides with the 76.4% fib retracement level of the recent wave from the low of $ 1,755 to the high of $ 1,830.
On the upside, the price is encountering resistance near the USD 1,830 and USD 1,850 levels. A proper break above $ 1,850 could cause a steady spike above $ 1,880. In the given case, the price may even break through the USD 1,900 level and continue to rise towards the USD 1,950 level.
Dips supported at ETH?
If Ethereum fails to hit the $ 1,830 and $ 1,850 resistance levels, it could correct lower levels. On the downside, the first major support is near the USD 1,770 level.
The next major support is near the channel support at $ 1,760. Further losses could potentially push the price towards the $ 1,700 level and 100 hour simple moving average.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is still well above the 50 level.
Main support tier – $ 1,760
Main Resistance Level – $ 1,850
