Ethereum Price Stays Resilient — Upside Break May Be Ahead

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a downside correction below the $1,780 level. ETH is now consolidating near the $1,800 zone and might aim for a move above $1,820.


  • Ethereum started a downside correction and traded below the $1,765 level.

  • The price is trading above $1,770 and the 100-hourly Simple Moving Average.

  • There is a connecting bearish trend line forming with resistance at $1,815 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a fresh increase if it clears the $1,820 resistance zone.


Ethereum Price Eyes Fresh Gains


Ethereum price remained stable above the $1,725 level and started a fresh increase, like Bitcoin. ETH traded as low as $1,746 and climbed back above the $1,770 resistance level.


There was a move above the 23.6% Fib retracement level of the downward move from the $1,857 swing high to the $1,746 low. The bulls even pushed the price toward the $1,800 resistance. However, there was no close above the $1,800 resistance.


The price was rejected near the 50% Fib retracement level of the downward move from the $1,857 swing high to the $1,746 low. There is also a connecting bearish trend line forming with resistance at $1,815 on the hourly chart of ETH/USD.


Ethereum price is now trading above $1,770 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,800 level. The next key resistance is near the $1,820 level.


Ethereum Price


The first major resistance is near the $1,850 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.


Another Decline In ETH?


If Ethereum fails to clear the $1,820 resistance, it could start a fresh decline. Initial support on the downside is near the $1,770 level. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 support level in the near term. The next key support sits at $1,550.


Technical Indicators


  • Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

  • Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

  • Major Support Level – $1,770

  • Major Resistance Level – $1,820

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Can Dogecoin Really Hit $3.80? Analyst Says Yes—If This HappensDogecoin’s latest market structure is “significantly better than in prior bull markets,” according to Kevin, the crypto technician known on X and YouTube as @Kev_Capital_TA.
Author  NewsBTC
18 hours ago
Dogecoin’s latest market structure is “significantly better than in prior bull markets,” according to Kevin, the crypto technician known on X and YouTube as @Kev_Capital_TA.
placeholder
Stop Focusing on Bitcoin: Stablecoins Are Seeing Big ChangesIn the past week, the crypto market has rebounded sharply, and Bitcoin has also hit a new high. At the same time, stablecoins are also undergoing some major changes.
Author  Insights
19 hours ago
In the past week, the crypto market has rebounded sharply, and Bitcoin has also hit a new high. At the same time, stablecoins are also undergoing some major changes.
placeholder
Over $3.3 Billion in Bitcoin and Ethereum Options Expire Today Following Bitcoin’s All-Time HighToday, over $3.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts will expire. This could affect the market’s short-term price movements.
Author  Beincrypto
20 hours ago
Today, over $3.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts will expire. This could affect the market’s short-term price movements.
placeholder
Bitcoin Hits New ATH With Minimal Overheating Signs – Is This A More Sustainable Rally?Unlike previous bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria.
Author  Bitcoinist
20 hours ago
Unlike previous bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria.
placeholder
Dogecoin (DOGE) Heats Up: Upside Move Hints at Major Breakout AheadDogecoin started a fresh increase and climbed above the $0.2420 zone against the US Dollar. DOGE is now correcting gains and might start another increase.
Author  NewsBTC
22 hours ago
Dogecoin started a fresh increase and climbed above the $0.2420 zone against the US Dollar. DOGE is now correcting gains and might start another increase.
Real-time Quote