Ethereum Struggles to Break Above $1,850
Ethereum has been facing difficulties in surpassing the $1,850 level, resulting in a downward correction. However, the price found support near $1,750 and is now attempting to gain momentum.
Key Contracting Triangle Formation
A significant contracting triangle is forming on the hourly chart of ETH/USD, with support near $1,780. The price is currently trading above $1,770 and the 100-hourly Simple Moving Average.
Resistance Levels to Watch
The immediate resistance for Ethereum is at the $1,800 level. If the price manages to break above this level, it could face further resistance near $1,815. A close above this resistance could lead to a decent increase in price.
Potential Decline
If Ethereum fails to clear the $1,815 resistance, it might experience another decline. The initial support levels to watch are at $1,780, the 100-hourly Simple Moving Average, and the trend line. A break below the $1,740 support could result in a further drop towards $1,700.
Technical Indicators
The MACD indicator for ETH/USD is losing momentum in the bullish zone, while the RSI indicator is below the 50 level.
Hot Take: Ethereum’s Battle for Resistance Continues
Ethereum’s struggle to break above the $1,850 level continues as it faces resistance at $1,800 and $1,815. Failure to surpass these levels could lead to another decline towards $1,700. On the other hand, if Ethereum manages to close above $1,815, it could pave the way for a potential increase towards $1,920 and beyond, with the main hurdle at $2,000.
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