Ethereum Faces Resistance at $1,850
The price of Ethereum is currently facing a major obstacle near the $1,850 zone. Despite trading above $1,780 and the 100-hourly Simple Moving Average, Ethereum has been unable to break through this resistance level. On the hourly chart of ETH/USD, there is a key rising channel forming with support near $1,790.
Ethereum Price Eyes an Upward Move
Although Ethereum has remained within a range below the $1,850 resistance, it has found support above the $1,750 zone. Recently, the price has started to move higher and is now trading above $1,780 and the 100-hourly Simple Moving Average. There is also a rising channel forming with support near $1,790 on the chart.
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Resistance and Bullish Momentum for Ethereum
Currently, Ethereum is facing resistance near the $1,820 level. If it manages to clear this resistance, it could gain bullish momentum and potentially reach the main hurdle at $1,850. A close above this resistance could lead to a significant increase in price, potentially rallying towards $1,920.
Source: ETHUSD on TradingView.com
Potential for Another Drop in ETH
If Ethereum fails to surpass the $1,820 resistance level, it may experience another decline. The initial support on the downside is near $1,790 along with the 100-hourly Simple Moving Average and trend line. The next key support level is at $1,750. A break below this support could trigger more bearish movements, potentially causing Ethereum to drop towards $1,700.
Technical Indicators
The hourly MACD for ETH/USD is currently losing momentum in the bullish zone. Additionally, the hourly RSI for ETH/USD has fallen below the 50 level.
Major Support Level - $1,750
Major Resistance Level - $1,820
Hot Take: Ethereum’s Battle with Resistance Continues
Ethereum continues to face a significant obstacle at the $1,850 resistance level. While it has found support above $1,750 and is trading above the 100-hourly Simple Moving Average, it has yet to break through this crucial barrier. The formation of a rising channel with support near $1,790 indicates that there is still potential for an upward move. However, failure to surpass the $1,820 resistance could result in another drop for Ethereum. Traders will be closely watching these key levels and technical indicators to determine the next direction for Ethereum’s price.
