Ethereum Price Indicators Suggest A Strengthening Case For Surge Above $1,850
Ethereum price is still below the $1,840 resistance against the US Dollar. ETH could start a decent increase if it clears $1,840 and $1,850.
Ethereum is currently facing a strong hurdle near the $1,850 resistance zone.
The price is trading above $1,800 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,840 and $1,850 resistance levels.
Ethereum Price Could Rally Above $1,850
Ethereum’s price started a decent upward move from the $1,780 support zone. ETH moved above the $1,800 and $1,820 resistance levels, similar to Bitcoin.
The price even spiked toward the $1,840 resistance where the bears emerged. A high is formed near $1,835 and the price is now consolidating gains. Ether is now trading above $1,800 and the 100-hourly Simple Moving Average.
It is also consolidating near the 23.6% Fib retracement level of the upward move from the $1,782 swing low to the $1,834 high. Immediate resistance is near the $1,830 level. There is also a key bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next resistance sits near $1,840, above which Ethereum could gain bullish momentum and rise toward $1,850. If there is a move above the $1,880 resistance level, the price might rise toward the $1,920 level. Any more gains above the $1,920 resistance zone could start a decent increase toward the $2,000 resistance.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,840 resistance, it could start a downside correction. Initial support on the downside is near the $1,815 level and 100 hourly SMA.
The next major support is near the $1,800 zone or the 50% Fib retracement level of the upward move from the $1,782 swing low to the $1,834 high. If there is a clear move below the $1,800 support, the price could gain bearish momentum. In the stated case, the price might drop toward the $1,780 support zone. Any more losses may perhaps take the price toward the $1,740 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,850
Filed under: Bitcoin - @ May 18, 2023 2:50 am