Ethereum was able to remain stable against the US dollar above $ 1,750. ETH price is now aiming for an uptrend above the resistance levels of $ 1,850 and $ 1,880.
- Ethereum started a fresh spike after trading towards the USD 1,650 support zone.
- The price is now trading well above $ 1,750 and the 100-hour simple moving average.
- A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 1,825.
- The pair could see a sharp rise if there is a significant break above $ 1,825 and $ 1,850.
The price of the Ethereum is $ 2,000
Ethereum fell sharply below the USD 1,800 and USD 1,750 support levels. The ETH price even fell below the $ 1,700 level and the 100 hour simple moving average.
However, the bulls took a strong position near the $ 1,650 zone. A low was formed near $ 1,665 and the price began rising again. There was a pause above the $ 1,750 resistance level and the 100-hour simple moving average.
Ether was able to climb above $ 1,800, but there was no break above $ 1,850. A high was made near $ 1,835 and recently there has been a small decline. The price has been corrected below the $ 1,800 level. There was also a break below the 23.6% Fib retracement level of the recent wave from the low of $ 1,665 to the high of $ 1,835.
Source: ETHUSD on TradingView.com
The bulls are still active above the $ 1,750 support level. The 50% fib retracement level of the recent wave from $ 1,665 to $ 1,835 is also close to $ 1,750.
On the upside, the price faces a few hurdles near $ 1,825 and $ 1,850. A large bearish trendline is also forming on the hourly chart of ETH / USD with resistance near USD 1,825. If the ether price clears trendline resistance and $ 1,850, the bulls should aim for a rally towards $ 2,000.
Fresh bath at ETH?
If Ethereum doesn’t remove trendline resistance or $ 1,850, it could see another decline. On the downside, the first major support is near the USD 1,750 level.
The main support is near the USD 1,700 level. If the closing price is below the $ 1,700 level, the bulls may lose control. In the said case, there is a possibility of a decline towards the USD 1,650 support.
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 now above the 50 level.
Main support tier – $ 1,750
Main Resistance Level – $ 1,850
