Strong Ethereum Price Action: Bulls Eyeing Upside Momentum
Ethereum began pulling back from the $1,850 level but is now stabilizing near $1,800, showing potential to reclaim $1,820 and beyond.
ETH corrected below $1,800 but is currently holding above $1,780 and the 100-hour Simple Moving Average (SMA).
On the hourly ETH/USD chart, a short-term contracting triangle is forming, with key resistance near $1,810.
A breakout above $1,850 could signal a renewed rally.
Ethereum Price Outlook: Potential for Growth
Ethereum held firm above $1,745 and climbed, following Bitcoin’s bullish path. It reached a high of $1,842 before facing resistance and pulling back.
The correction dropped ETH below $1,820, touching the 50% Fib retracement level from the $1,746 swing low to the $1,842 high.
Strong buyer interest appeared near $1,780, aligning with the 61.8% Fib level from the same swing range.
ETH remains above $1,780 and the 100-hour SMA, showing resilience.
Immediate resistance lies at $1,810, with a major hurdle near $1,820. A clear move above $1,850 could send the price surgingtoward $1,920, and potentially to $1,950 or even $2,000 in the near term.
Downside Scenario: Risk of Another Pullback
If Ethereum fails to clear the $1,850 resistance, a new decline could start.
Initial support sits at $1,780, with stronger support at $1,750.
A break below $1,750 could open the door toward $1,620, with deeper support at $1,600 and $1,550 if bearish pressure increases.
Technical Indicators:
MACD (Hourly ETH/USD): Gaining strength in the bullish zone.
RSI (Hourly ETH/USD): Above the 50 mark, favoring bulls.
Key Support: $1,780
Key Resistance: $1,850
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