Ethereum Holds Strong Above $1,750 Support
Ethereum experienced a slight correction below the $1,800 level but found support at $1,750 where buyers stepped in. The price has since started to climb again, similar to Bitcoin.
It managed to break above the resistance levels at $1,780 and $1,785. Additionally, Ethereum is now trading above the 100-hourly Simple Moving Average and has formed a bullish trend line with support near $1,795 on the hourly chart of ETH/USD.
The current resistance lies at the $1,825 level, which is close to the 76.4% Fibonacci retracement level. If Ethereum manages to surpass this level, it could trigger another rally towards the next resistance at $1,880 and potentially even reach $1,950 and $2,000.
Possible Decline if Resistance is Not Broken
However, if Ethereum fails to clear the resistance at $1,825, it might experience another decline. Initial support can be found around the $1,800 level and the trend line region.
If the price continues to drop, it may find stronger support at $1,750 and its previous swing low. The major support level is forming around $1,740 along with the 100-hourly Simple Moving Average. A break below this support could push Ethereum further down towards $1,700 and potentially even reach $1,660.
Technical Indicators
The MACD for ETH/USD is showing bullish momentum in the hourly chart. The RSI for ETH/USD is also above 50, indicating a positive sentiment.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Holds Strong Support and Aims for Higher Resistance
Ethereum has managed to maintain its support above $1,750 and is currently trading above the 100-hourly Simple Moving Average. With a bullish trend line forming, there is potential for further upside movement if the resistance levels at $1,825 and $1,850 are broken.
On the other hand, if Ethereum fails to surpass the resistance, it may experience another decline with support levels at $1,800 and $1,750. Technical indicators show bullish momentum in the market.
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