Ethereum’s Price Approaches Launch Level — Will It Break Through This Time?
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The price of Ethereum has embarked on a new upward movement from the $1,735 region. Currently, ETH shows potential for an advance beyond the $1,840 resistance level.
- Ethereum has maintained strength above $1,720 and initiated a new rally
- The price is currently above $1,780 and the 100-hour Simple Moving Average.
- A breakout occurred above a significant bearish trend line with resistance at $1,800 on the hourly ETH/USD chart.
- This pair might continue rising if it surpasses the $1,840 resistance level.
Ethereum Price Targets Further Gains
The Ethereum price previously adjusted after reaching the $1,840 level, similar to Bitcoin. ETH dipped below both $1,800 and $1,780 yet remained within the trading range.
A trough was registered at $1,733, followed by a new upward trend. The price broke past the resistance at $1,780 and subsequently at $1,800. It also exceeded the 50% Fibonacci retracement level of the decrease from the $1,842 peak to the $1,733 trough.
Moreover, a significant bearish trend line with resistance at $1,800 on the ETH/USD hourly graph was breached. Ethereum is now trading above $1,800 and the 100-hourly Simple Moving Average.
Looking upward, the price appears to be encountering resistance around the $1,815 mark and also at the 76.4% Fibonacci retracement of the downward swing from the $1,842 peak to the $1,733 trough. The next substantial resistance is near $1,840.
The initial major resistance lies near the $1,850 threshold. A decisive move past this level could propel the price toward the $1,920 resistance. If it breaks above the $1,920 level, Ether may experience additional gains in the near term, potentially reaching the $1,950 zone or even touching $2,000.
Is Another Drop in ETH Possible?
If Ethereum cannot break through the $1,840 resistance, a decline may ensue. Immediate support on the downside is around the $1,785 level, with major support found near the $1,760 area.
A clear drop below the $1,760 support could send the price lower towards the $1,735 support. Should further losses occur, the price might approach the $1,650 support level in the short term, with crucial support set at $1,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining traction in the bullish territory.
Hourly RSI – The RSI for ETH/USD is now positioned above the 50 mark.
Major Support Level – $1,785
Major Resistance Level – $1,840
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