Ethereum price is still below the $1,840 resistance against the US dollar. ETH could start a decent increase if it clears $1,840 and $1,850.
- Ethereum is currently facing a strong hurdle near the $1,850 resistance zone.
- The price is trading above $1,800 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,830 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a fresh increase if it crosses the $1,840 and $1,850 resistance levels.
Ethereum price may rise above $1,850
Ethereum price started a decent upward move from the $1,780 support zone. ETH broke above the $1,800 and $1,820 resistance levels, similar to Bitcoin.
The price even surged to the $1,840 resistance where the bears emerged. A high is forming near $1,835 and the price is now consolidating gains. Ether is now trading above USD 1,800 and the 100-hour Simple Moving Average.
It is also consolidating near the 23.6% Fib retracement level of the upward move from the $1,782 swing low to the $1,834 high. Immediate resistance is near the $1,830 level. A major bearish trendline is also forming with resistance near $1,830 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
The next resistance is near $1,840, above which Ethereum could gain bullish momentum and rise towards $1,850. If there is a move above the $1,880 resistance level, the price could rise towards the $1,920 level. Any gains above the $1,920 resistance zone could trigger a decent move towards the $2,000 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,840 resistance, it could start a downside correction. The first support on the downside is near the $1,815 level and 100 hourly SMA.
The next major support is near the $1,800 zone or the 50% Fib retracement level of the upward move from the $1,782 swing low to the $1,834 high. If there is a clear move below the $1,800 support, the price could gain bearish momentum. In the said case, the price may decline towards the $1,780 support zone. More losses may push the price to the $1,740 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,800
Major resistance level – $1,850