Ethereum Price Shows Steady Increase
Ethereum has been experiencing a steady increase in price, surpassing the $1,750 resistance level. Currently, the price is trading above $1,780 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a key bullish trend line forming with support near $1,750.
Ethereum Price Jumps 10%
Ethereum has remained in a positive zone above the $1,650 support level. The recent rise in Bitcoin above the $34,000 resistance level has further propelled the price of ETH upwards. It has successfully cleared the $1,800 resistance zone and reached a high near $1,849. At present, it is consolidating gains and is trading well above the 23.6% Fib retracement level.
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Downside Correction in ETH?
If Ethereum fails to break through the $1,850 resistance level, it may undergo a downside correction. The initial support on the downside is around $1,800, followed by the key support at $1,750 and the trend line zone. A break below this support could result in a further drop towards the $1,700 level and even potentially down to the $1,650 level and the 100-hourly Simple Moving Average.
Hot Take: Ether Could Reach New Highs
If Ether manages to overcome the $1,850 resistance level and continue its upward momentum, it could embark on a strong increase towards the $2,000 resistance mark. Further gains might even open up opportunities for Ether to reach as high as $2,200.
