- Ethereum price is eyeing an upside break above the $1,850 resistance against the US Dollar.
- ETH price is now trading above $1,750 and the 55 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance near $1,820 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,800 support zone.
Ethereum price is rising above the $1,820 level against the US Dollar. ETH/USD could rise further if it clears the $1,880 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a downside correction from the $2,020 zone against the US Dollar. ETH price declined below the $1,850 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $1,750 level. A low was formed near $1,737 and the price is now attempting a fresh increase. There was a move above the $1,800 resistance level. The price broke the 23.6% Fib retracement level of the downward move from the $2,020 swing high to the $1,737 low.
There was also a break above a key contracting triangle with resistance near $1,820 on the 4-hours chart. It is now trading above $1,750 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $1,880 level. It is close to the 50% Fib retracement level of the downward move from the $2,020 swing high to the $1,737 low. The next major resistance is near the $1,920 zone. A clear move above the $1,920 level could send the price toward $2,000.
Any more gains could even send the price toward the $2,150 resistance zone or $2,200 in the near term. On the downside, initial support is near the $1,800 level. The next major support is now near the $1,750 level.
A break below the $1,750 support could push the price to $1,600. Any more losses could lead the price toward $1,550 or even $1,500 in the coming days.
Looking at the chart, Ethereum price is clearly trading above the $1,750 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb further if it stays above the $1,800 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,600, followed by the $1,570 zone.
Key Resistance$ Levels – $1,660 and $1,740.
