Ethereum (ETH) Price Analysis: Break Significant Resistance, What Are Critical Levels?
Ethereum is rising and broke the substantial resistance of $ 1,800 against the US dollar. ETH price is showing positive signs and will likely continue to rise towards $ 2,000. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ethereum forms a support base above the $ 1,750 and $ 1,760 levels.
- The price is now well above the $ 1,800 zone and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance around $ 1,780 on the hourly chart of ETH / USD (based on Kraken data).
- The pair could start a strong uptrend after clearing the $ 1,850 resistance zone.
Ethereum Price Settles On A New Rise
Ethereum continued to trade above the $ 1,750 support zone. As a result, ETH started a new rise above the $ 1,800 resistance zone, similar to Bitcoin above $ 58,000 .
The bulls took control, causing a steady rise above the $ 1,800 resistance. It is currently well above the $ 1,800 zone and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $ 1,780 on the hourly chart of ETH / USD.
The pair is currently trading above the 50% Fib retracement level of the crucial drop from $ 1,944 to $ 1,710. Ethereum price is currently testing the $ 1,850 resistance zone. The 61.8% Fib retracement level of the significant bearish move from $ 1,944 to $ 1,710 is near the $ 1,855 level which is a major hurdle.
A successful break above the $ 1,850 and $ 1,855 resistance levels could open the doors for a larger increase. The next major resistance is near the $ 1,895 level. Above this, the ETH price could rise to $ 1,920 or even $ 2,000 in the coming sessions.
Will Ethereum (ETH) Fall?
If Ethereum fails to break above the $ 1,850 and $ 1,855 resistance levels, it could initiate a new downside correction. The first support on the downside is near the $ 1,800 level and the 100 hourly simple moving average.
The next major support is near the $ 1,750 level, below that ETH price could retest the main $ 1,710 support zone in the near term.
- Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH / USD is well above the 50 level.
- Major Support Level: $ 1,750
- Major Resistance Level: $ 1,855