Ethereum extended its rally above the $1,800 resistance against the US Dollar. ETH price is currently correcting lower from $1,840, but it might find bids near $1,750.
- Ethereum remained in a positive zone and it pumped above the $1,800 resistance.
- The price is now well above the $1,750 support and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to protect $1,750 and $1,720.
Ethereum Price Turns Attractive
Ethereum started a steady increase above the $1,750 resistance, similar to bitcoin. ETH broke the $1,780 and $1,800 resistance levels to move further into a positive zone.
The price even cleared the $1,820 level and settled nicely above the 100 hourly simple moving average. It traded as high as $1,840 before starting a downside correction. There was a break below the $1,820 and $1,800 levels.
Ether is now trading below the 23.6% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high. On the downside, there are many supports, starting with the $1,750 level. There is also a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the bulls are likely to face hurdles near $1,840 and $1,850. If there is a successful close above the $1,850 level, the price is likely to surge in the coming sessions. In the stated case, the price is likely to visit the $1,920 and $1,950 levels.
Dips Supported in ETH?
If Ethereum fails to climb above the $1,840 and $1,850 resistance levels, it could correct lower. An initial support on the downside is near the $1,750 level. The 50% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high is also near the $1,750 level.
The next major support is near the $1,720 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,660 and $1,650 support levels.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,840
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Author: Aayush Jindal