Ethereum Faces Resistance near $1,850
Ethereum is currently encountering a significant barrier around the $1,850 zone. However, it is trading above $1,785 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, there is a notable rising channel forming with support near $1,800.
Ethereum Price Maintains Support
After starting a gradual increase from the $1,740 region, Ethereum managed to reclaim the $1,800 resistance level. This prevented a major downside correction similar to Bitcoin’s. The bulls even pushed the price above the 50% Fib retracement level from the swing high of $1,865 to the low of $1,740. Additionally, Ethereum is now trading above $1,785 and the 100-hourly SMA.
Potential Upside for Ethereum
Despite facing resistance near $1,820, if Ethereum surpasses this level, it could extend its increase towards the key barrier at $1,850. A close above this resistance might initiate a fresh rally and push the price towards $1,950.
Source: ETHUSD on TradingView.com
Bearish Wave Risk for Ethereum
If Ethereum fails to clear the $1,820 resistance level, it could experience another decline. The initial support on the downside is near $1,800 along with the 100-hourly SMA and trend line. The next key support is at $1,770 and the main support levels are forming near $1,750 and $1,740. A break below the $1,740 support may trigger a bearish wave, causing Ethereum to drop towards $1,650.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is showing a loss of momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $1,740
Major Resistance Level – $1,820
Hot Take: Ethereum Struggles to Break Key Barrier
Ethereum is facing a crucial obstacle near the $1,850 zone as it trades above the support level of $1,800. Despite its slow and steady increase, Ethereum needs to clear the resistance at $1,820 to extend its upward movement. However, failure to do so could result in a bearish wave and a potential decline towards the support levels of $1,750 and $1,740. Traders should closely monitor these key levels and technical indicators such as the MACD and RSI for further insights into Ethereum’s price action.
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