The Ethereum price found support near $1,750 against the US dollar. ETH is rising again and is trying to make an upside break above the USD 1,850 resistance.
- Ethereum remained well bid above the USD 1,750 support zone.
- The price is trading above USD 1,780 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the $1,825 and $1,850 resistance levels.
Ethereum price could restart the rally
Ethereum started a downward correction below the USD 1,800 level. ETH tested the $1,750 support where the bulls emerged. A low was formed near $1,756 and the price started to rise again, just like Bitcoin.
There was a move above the USD 1,780 and USD 1,785 resistance levels. The price was able to climb above the 50% Fib retracement level of the downside correction, from the $1,849 swing high to the $1,756 low. There is also a major bullish trendline forming with support near $1,795 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $1,825 level. It is close to the 76.4% Fib retracement level of the downward correction from the $1,849 swing high to the $1,756 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,850 zone. A close above the $1,850 resistance could spark another rally. The next major resistance is near USD 1,880, above which the price could accelerate higher. In the mentioned case, Ether could rise towards the $1,950 level. Any further gains could open the doors for a move towards $2,000.
Another drop in ETH?
If Ethereum fails to clear the USD 1,825 resistance, it could trigger another decline. The initial downside support is near the $1,800 level and the trendline area.
The next major support is $1,750 and the final swing low. The main support is now forming around the $1,740 level and the 100-hourly Simple Moving Average. A downside break below the USD 1,740 support could push the price further down. In the mentioned case, Ether could drop to the $1,700 level. Any further losses could perhaps send the price towards the $1,660 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,750
Major resistance level – $1,850
