Ethereum Price Steadies After Surge – Consolidation or Reversal Ahead?

Ethereum (ETH) surged past the $1,750 resistance, maintaining gains above the $1,720 level and the 100-hour Simple Moving Average (SMA). The price action shows strength, and ETH may soon attempt another move toward the $1,840 resistance.

Key Highlights:

ETH climbed above $1,700, $1,720, and briefly broke past $1,800, reaching a high near $1,834.

After hitting resistance, the price began consolidating, retracing toward the 23.6% Fibonacci level from the $1,565 swing low to the $1,834 high.

ETH remains above the 100-hour SMA, with a key bullish trend line forming support near $1,780 on the hourly ETH/USD chart.

Upside Potential:

Immediate resistance lies at $1,820, followed by $1,840.

A clear move above $1,880 could trigger a breakout toward $1,920, with potential for a rally toward $1,950 or even $2,000 in the short term.

Downside Risks:

Failure to break $1,820 could lead to another pullback.

Initial support is at $1,780, followed by a stronger level at $1,740.

A drop below $1,740 might expose ETH to further losses toward $1,700 or even $1,665. Deeper support lies near $1,620.

Technical Indicators:

MACD: Losing bullish momentum on the hourly chart.

RSI: Holding above 50, signaling moderate strength.

Major Support Levels: $1,740, $1,700, $1,665

Major Resistance Levels: $1,820, $1,840, $1,880