The Ethereum price has begun to correct downwards and is testing the $1,750 area. ETH is currently rising and trying to break the resistance level of $1,850.

  • Ethereum has started a new recovery wave above the resistance level of $1,800.

  • The price is trading above $1,800 and the simple moving average of 100 hours.

  • There has been a break above a significant bearish trendline with resistance at $1,820 on the hourly chart of ETH/USD (data from Kraken).

  • This pair could continue to rise if it breaks the resistance level of $1,850.

The Ethereum price is aiming for higher targets

The Ethereum price has begun to correct down from the $1,880 area, similar to Bitcoin. ETH fell below the support levels of $1,850 and $1,800. Eventually, the price found support near the $1,750 level.

A low was formed at $1,752 and the price began to rise again. There is a move above the resistance levels of $1,800 and $1,810. The price has risen above the 50% Fib retracement of the downward move from a high of $1,872 to a low of $1,752.

Additionally, there has been a break above a significant bearish trendline with resistance at $1,820 on the hourly chart of ETH/USD. The Ethereum price is currently trading above $1,800 and the simple moving average of 100 hours.

On the positive side, the price seems to be facing hurdles near the $1,840 level and the 76.4% Fib retracement of the downward move from a swing high of $1,872 to a low of $1,752. The next significant resistance is near the $1,850 level. The first major resistance is near the $1,880 level.

A clear move above the resistance level of $1,880 could push the price up to the resistance level of $1,920. A break above the resistance level of $1,920 could lead to more gains in the upcoming sessions. In that case, Ether could rise to the resistance area of $2,000 or even $2,050 in the near future.

Another decline for ETH?

If Ethereum fails to break the resistance level of $1,850, it may start a new decline. Initial support at the decline is near the $1,820 level. The first major support is near the $1,810 area.

A clear move below the support level of $1,810 could push the price down to the support level of $1,780. Any further losses could push the price down to the support level of $1,750 in the near future. The next important support level is at $1,665.

Technical indicators:

  • Hourly MACD – The MACD for ETH/USD is accelerating in the bullish zone.

  • Hourly RSI – The RSI for ETH/USD is currently above 50.

  • Key support level – $1,810

  • Major resistance level – $1,850