Ethereum continued to climb above the USD 1,800 and USD 1,850 resistance levels against the US dollar. ETH price corrects gains, but bids near $ 1,725 are likely to be found.
- Ethereum extended its surge, trading at a new monthly high above $ 1,875.
- The price is now trading below $ 1,800 but is still well above 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 1,775.
- The pair is likely to remain stable above the $ 1,725 and $ 1,750 support levels in the short term.
Ethereum price remains supported
Ethereum is following a bullish path and was able to remove the $ 1,850 resistance similar to Bitcoin. ETH was quoted at a new monthly high near USD 1,880 and was well above the simple 100-hour moving average.
It recently corrected lower to trade below the USD 1,825 support level. There was a break below the Fib retracement level of 23.6% in the move up from the low of $ 1,649 to the high of $ 1,882. Ether price is currently trading below $ 1,800 but is still well above the 100-hour simple moving average.
It tests the support zone for $ 1,765. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 1,775. The trendline is close to the 50% Fib retracement level of the move up from the low of $ 1,649 to the high of $ 1,882.
Source: ETHUSD on TradingView.com
On the upside, the USD 1,800 level is a short-term resistance. The first major resistance is near the $ 1,825 level. A sharp break above the $ 1,825 and $ 1,850 levels could open the doors for a move towards the $ 1,880 and $ 1,900 levels.
Dips supported at ETH?
Unless Ethereum resumes higher than the USD 1,800 and USD 1,825 resistance levels, it could correct further lower. The first major support is near the trend line at USD 1,865.
The main support is now forming near the $ 1,725 level and the 100 hour simple moving average. If there is a downside break below the USD 1,725 support, the ether price could fall towards the USD 1,650 level.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly gaining pace in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is now below the 50 level.
Main support tier – $ 1,725
Main Resistance Level – $ 1,825
