Ethereum is consolidating gains above $ 1,750 against the US dollar. ETH price should rise sharply towards USD 2,000 as long as it is above the USD 1,700 support.
- Ethereum failed to remove the $ 1,850 resistance and corrected below $ 1,800.
- The price now holds gains above $ 1,750 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,770.
- The pair is likely to start a fresh move towards the $ 1,850 and $ 1,900 levels in the near future.
The price for the Ethereum remains good
Ethereum made another attempt to gain momentum above the USD 1,850 and USD 1,860 resistance levels. However, ETH price did not gain momentum above $ 1,850, unlike Bitcoin, which surged above $ 46,000.
A high was formed near $ 1,870 before a downward correction. The price fell below the $ 1,820 and $ 1,800 support levels. A low is formed near $ 1,763 and the price is now consolidating in a range. It also holds profits above $ 1,750 and the 100-hour simple moving average.
A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 1,770. Immediate resistance is near the $ 1,815 level. It is close to the 50% Fib retracement level of the recent decline from the high of $ 1,870 to the low of $ 1,763.
Source: ETHUSD on TradingView.com
The main hurdle is now forming near the USD 1,830 level. The 61.8% fib retracement level of the recent decline from the high of $ 1,870 to the low of $ 1,763 is also close to the $ 1,830 level.
A sharp break above the $ 1,815 and $ 1,830 levels could potentially result in a sharp spike in the upcoming sessions. In that case, the price should rise steadily towards the USD 1,870 and USD 1,880 levels. The main target for the bulls is still the $ 2,000 barrier.
Dips supported at ETH?
Unless Ethereum resumes higher than the resistance levels of $ 1,815 and $ 1,830, it could correct further lower. The first major support is near the trend line at USD 1,770.
The main support is now forming near the $ 1,760 level and the 100 hour simple moving average. If there is a downside break below the USD 1,760 support, the ether price could fall towards the USD 1,700 level.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly losing pace in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is now below the 50 level.
Main support tier – $ 1,760
Main Resistance Level – $ 1,830
