Ethereum Corrects from Resistance
Ethereum has experienced a downside correction after reaching the $1,850 resistance level. However, it is currently trading above $1,750 and the 100-hourly Simple Moving Average.
There is a significant bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD. Unless there is a clear move below $1,750, the pair could initiate a fresh increase.
Ethereum Price Remains Supported
Following a strong increase above the $1,750 resistance, Ethereum was dragged higher by Bitcoin towards the $1,850 resistance before facing bearish pressure.
The price is now undergoing a correction but is still trading in a positive zone. It remains above $1,750 and the 100-hourly Simple Moving Average.
A major bullish trend line is also forming with support near $1,755 on the hourly chart of ETH/USD. This trend line coincides with the 50% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high.
Resistance Levels and Potential Upside
The current resistance levels for Ethereum are at $1,805 and $1,850. A close above $1,880 could lead to further gains and test the key resistance at $2,000. Additionally, if Ether continues to rise, it might reach as high as $2,200.
Potential Downside and Support Levels
If Ethereum fails to surpass the $1,805 resistance level, it may experience further downward movement. The initial support lies at around $1,780 followed by $1,750 and the trend line zone.
A break below the $1,750 support could lead to more losses, potentially pushing Ether towards $1,720 and the 100-hourly Simple Moving Average at $1,700.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now above the 50 level.
Hot Take: Ethereum Faces Correction after Hitting Resistance
Ethereum has encountered a correction phase after reaching the $1,850 resistance level. However, it remains supported above $1,750 and the 100-hourly Simple Moving Average. A major bullish trend line is forming with support near $1,755. Resistance levels are found at $1,805 and $1,850. If Ethereum breaks above these levels, it could rally towards $2,000 and potentially even reach $2,200. On the downside, failure to surpass the resistance levels may result in further losses towards $1,720 and the 100-hourly Simple Moving Average at $1,700.
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