Ethereum climbed further above the $1,800 and $1,850 resistance levels against the US Dollar. ETH price is correcting gains, but it is likely to find bids near $1,725.
- Ethereum extended its rise and traded to a new monthly high above $1,875.
- The price is now trading below $1,800, but it is still well above the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,775 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to remain stable above the $1,725 and $1,750 support levels in the near term.
Ethereum Price Remains Supported
Ethereum is following a bullish path and it was able to clear the $1,850 resistance, similar to bitcoin. ETH traded to a new monthly high near $1,880 and settled well above the 100 hourly simple moving average.
Recently, it corrected lower and traded below the $1,825 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $1,649 swing low to $1,882 high. Ether price is now trading below $1,800, but it is still well above the 100 hourly simple moving average.
It is testing the $1,765 support zone. There is also a key bullish trend line forming with support near $1,775 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $1,649 swing low to $1,882 high.
Source: ETHUSD on TradingView.com
On the upside, the $1,800 level is a short-term resistance. The first major resistance is near the $1,825 level. A clear break above the $1,825 and $1,850 levels could open the doors for a move towards the $1,880 and $1,900 levels.
Dips Supported in ETH?
If Ethereum fails to resume higher above the $1,800 and $1,825 resistance levels, it could correct further lower. The first key support is near the trend line at $1,865.
The main support is now forming near the $1,725 level and the 100 hourly simple moving average. If there is a downside break below the $1,725 support, ether price might decline towards the $1,650 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,725
Major Resistance Level – $1,825
Beyonce Thanks Meghan Markle For Her ‘Courage And Leadership’ In A Message Of Support
One of the few ways Beyonce directly communicates with her fans is through her website, Beyonce.com, where the queen of pop frequently posts updates and messages of support to friends and fellow celebrities. Today, she used that space to stand in solidarity with Meghan Markle, the American actress of the show Suits, mother of Archie, […]