Ethereum (ETH) recently dipped from the $1,850 level but is now showing signs of stabilization around $1,800. With key support holding, the bulls could be preparing for another leg upward.
Market Overview:
ETH corrected below $1,800 but held above $1,780 and the 100-hour SMA.
A short-term contracting triangle has formed on the hourly chart, with resistance near $1,810.
A break above $1,850 could trigger a rally toward $1,920 and possibly $2,000.
Ethereum Price Outlook: After finding support near $1,745, ETH climbed above $1,800. It reached a high of $1,842 before facing selling pressure, pulling back below $1,820.
The decline found strong support near $1,780, which aligns with the 61.8% Fib retracement of the $1,746 to $1,842 rally.
ETH remains above the 100-hour simple moving average, suggesting bullish momentum is intact.
Immediate resistance lies at $1,810, followed by a major hurdle at $1,850.
Upside Scenario: A clean breakout above $1,850 could fuel a surge toward $1,920. If momentum sustains, Ethereum might target $1,950 or even the psychological $2,000 level in the near term.
Downside Risk: Failure to clear $1,850 could spark another decline. Key supports to watch:
$1,780 (initial support)
$1,750 (major support)
Below $1,750, a drop toward $1,620 or even $1,550 becomes possible.
Technical Indicators:
MACD: Gaining momentum in the bullish zone.
RSI: Holding above 50, favoring bullish bias.
Key Levels:
Support: $1,780, $1,750
Resistance: $1,810, $1,850, $1,920