๐ Ethereum Holds Ground After Rally โ Consolidation or Reversal?
Ethereum ($ETH ) recently broke above the key $1,750 resistance and is holding steady
๐ข If momentum continues, it could challenge the $1,840 level next ๐ฏ
Ethereum maintained support above $1,650 and rallied alongside Bitcoin ๐ช The bulls pushed ETH above $1,700 and $1,720, finally breaking through $1,750 and reaching a high of $1,834 ๐ฅ After that, the price entered a consolidation phase, pulling back slightly toward the 23.6% Fibonacci retracement level of the $1,565 โก $1,834 move.
At the moment, ETH is trading above $1,720 and the 100-hour SMA, showing strength ๐ A bullish trendline is forming with support near $1,780, indicating that buyers are still in control. On the upside, resistance is seen at $1,820 ๐งฑ and then $1,840.
A clean break above $1,880 could spark another leg up, targeting $1,920 or even $2,000 in the short term ๐ธ
However, if ETH fails to break $1,820, a correction could begin ๐ Immediate support lies at $1,780, followed by a stronger zone around $1,740. Dropping below $1,740 may drag ETH to $1,700 or even $1,665โ$1,620 depending on the market pressure โ ๏ธ
๐ Technical Overview:
โข MACD (1H): Losing bullish momentum ๐
โข RSI (1H): Still above 50 โ showing strength
๐ Key Levels:
โข Support: $1,780 โ $1,740 โ $1,700
โข Resistance: $1,820 โ $1,840 โ $1,880 โ $1,920+
๐ง In summary, Ethereum is showing resilience after a solid breakout. As long as it stays above key support levels, bulls may aim higher in the coming sessions. Eyes on $1,840 and beyond ๐