Ethereum prices consolidated their gains below the resistance level of $1850 against the US dollar. ETH must remain above the support level of $1750 to begin a new upward trend
Ethereum prices consolidated their gains below the resistance level of $1850 against the US dollar. ETH must remain above the support level of $1750 to begin a new upward trend.
- Ethereum is still striving to accelerate its breakthrough of $1850.
- The price is trading above $1770 and the 100 hour simple moving average.
- There is a key contraction triangle on the ETH/USD hourly chart that forms support around $1780 (data from Kraken).
- If it fails to maintain above the support level of $1740, the currency pair may expand its decline.
Ethereum prices remain within the range
Ethereum failed to continue to rise above $1850 and began a downward correction. ETH retreated below $1800, but bulls remained active around $1750.
A low point has been formed near $1741, and prices are now trying to accelerate like Bitcoin. The price has risen above $1780. The price tested a 50% Fib retracement from a fluctuating high of $1866 to a low of $1741 in a downward trend.
Ethereum's current trading price is above $1770 and the 100 hour simple moving average. A key contraction triangle was also formed on the ETH/USD hourly chart, with support level around $1780.
On the positive side, the price is facing resistance around $1800. The first major resistance is located near the $1815 area. It is close to the 61.8% Fibonacci retracement of the downward trend from the high point of $1866 volatility to the low point of $1741.
The closing price above the resistance level of $1815 may start to rise significantly. In the above situation, Ethereum may hit the resistance level of $1850 again. The next key resistance level is around $1865, and if it breaks through, prices may accelerate to rise. In the above situation, the price may rise to the level of $1920. The main obstacle is $2000.
ETH falling again?
If Ethereum fails to break through the resistance level of $1815, it may start another decline. The initial support for the downward trend is around the $1780 level, the 100 hour simple moving average, and trend line.
The next key support level is $1740. Breaking below the support level of $1740 may lead to further price declines. In the above situation, Ethereum may fall towards the level of $1700.
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