- Ethereum is still facing a key barrier near the $1,850 zone.
The price is trading above $1,785 and the 100-hourly Simple Moving Average.
There is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its increase if it clears the $1,820 resistance.
Ethereum Price Remains Supported
The bulls even pushed the price above the 50% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low. Moreover, there is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,785 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,820 level. It is close to the 61.8% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low.
If ETH surpasses the $1,820 resistance, it could rise toward the key barrier at $1,850. A close above the $1,850 resistance could start a fresh rally. In the stated case, the price could rally toward $1,950.
The next key resistance is near $2,000, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,120 level. The main hurdle sits at $2,250.
Bearish Wave in ETH?
If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,800 level, the 100-hourly Simple Moving Average, and the trend line.
The next key support is $1,770. The main support is now forming near the $1,750 and $1,740 levels. A downside break below the $1,740 support might spark a bearish wave. In the stated case, Ether could drop toward the $1,650 level.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,740
Major Resistance Level – $1,820
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