Ethereum Price Picks Up Momentum—Will Bulls Overcome the Resistance?
Reasons for Confidence
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The price of Ethereum has recently undergone a downward adjustment and tested around the $1,750 mark. Currently, ETH is experiencing an upward trend and making an effort to surpass the $1,850 resistance level.
- Ethereum has initiated a new recovery phase above the $1,800 resistance.
- The price remains above the $1,800 threshold and the 100-hour simple moving average.
- A significant breakout occurred above a critical bearish trend line at $1,820 on the hourly ETH/USD chart.
- Further upward movement is possible if the price breaks through the $1,850 resistance level.
Ethereum Price Targets Higher Levels
The price of Ethereum began to decline from around the $1,880 level, similar to Bitcoin’s movements. ETH fell below the $1,850 and $1,800 support zones before finding stability around $1,750.
A low of $1,752 was established, followed by a noticeable rise. The price overcame both the $1,800 and $1,810 resistance points, crossing above the 50% Fibonacci retracement of its decline from the $1,872 peak to the $1,752 low.
Additionally, a breakout occurred above a crucial bearish trend line at the $1,820 mark on the hourly ETH/USD chart. Ethereum is currently valued above $1,800 and the 100-hour simple moving average.
On the rise, the price encounters resistance near the $1,840 level and the 76.4% Fibonacci retracement of its prior downward movement. The next significant resistance can be found around $1,850, while the first major resistance level is close to $1,880.
A decisive move above the $1,880 resistance could propel the price toward $1,920. If this level is surpassed, Ethereum may experience additional gains in subsequent periods, potentially reaching the $2,000 zone or even $2,050 soon.
Is Another Decline Possible for ETH?
If Ethereum cannot clear the $1,850 resistance, it might begin a new downturn. Initial support could be found near the $1,820 mark. The primary major support area is around $1,810.
A decisive drop below the $1,810 support level may lead the price to test the $1,780 support. Further losses could drive it down to the $1,750 support level in the short term, with the next major support being at $1,665.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows increasing bullish momentum.
Hourly RSI – The RSI for ETH/USD is now positioned above the 50 level.
Major Support Level – $1,810
Major Resistance Level – $1,850
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