Ethereum Price Remains Strong — Potential for a Breakout on the Horizon
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The price of Ethereum has begun a downward correction below the $1,780 mark. Currently, ETH is consolidating around the $1,800 range and may aim for a move above $1,820.
- Ethereum has initiated a downward correction, trading under the $1,765 threshold.
- The current price is above $1,770, alongside the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance positioned at $1,815 on the hourly ETH/USD chart.
- A fresh rally could start if the price surpasses the $1,820 resistance level.
Ethereum Price Targets New Gains
The Ethereum price held steady over the $1,725 threshold and embarked on a new upward trend, similar to Bitcoin. ETH dipped to $1,746 before bouncing back above the $1,770 resistance.
The price broke the 23.6% Fibonacci retracement level from the downward movement between $1,857 and $1,746. The bulls managed to push the price toward the $1,800 resistance; however, it couldn’t close above this level.
Nearby the 50% Fibonacci retracement level, the price faced rejection, correlating with the downward swing from $1,857 to $1,746. Additionally, a bearish trend line is forming around $1,815 on the hourly chart.
Ethereum is currently trading above $1,770 and the 100-hour Simple Moving Average, yet it encounters resistance near the $1,800 mark. The upcoming significant resistance is situated around $1,820.
The primary resistance level is around $1,850. A decisive breakout past this resistance could propel the price towards the $1,920 area. A further increase above $1,920 may suggest larger gains in the upcoming sessions. In this scenario, Ether could advance towards the $1,950 resistance zone or potentially reach $2,000 soon.
Possible Further Decline in ETH?
If Ethereum cannot break through the $1,820 resistance, a new decline may occur. Immediate support on the downside is situated at $1,770. The first significant support level is near $1,750.
A definitive move below the $1,750 support may drive the price towards the $1,650 level. Further declines could see the price hitting the $1,620 support level soon. The next critical support lies at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows increasing momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 threshold.
Major Support Level – $1,770
Major Resistance Level – $1,820
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