Ethereum is struggling to gain pace above $1,800 against the US Dollar. ETH price remains well supported and it is likely to accelerate higher above $1,800 and $1,850.
- Ethereum topped near the $1,835 level and it is currently correcting lower.
- The price is now trading well below $1,800 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to bounce back as long as it is trading above the $1,700 support zone.
Ethereum Price Remains Supported
Ethereum spiked above the $1,800 level, but it failed to clear the $1,840 resistance. Conversely, bitcoin was able to clear the $50,000 barrier and it traded to a new all-time high.
ETH price topped near the $1,835 level before it started a fresh decline. It broke the $1,800 support level and settled below the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the upward move from the $1,665 swing low to $1,835 high.
The price is now finding a strong buying interest near the $1,730 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,665 swing low to $1,835 high.
Source: ETHUSD on TradingView.com
On the upside, ether price is facing hurdles near the $1,800 level. There is also a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. A clear close above the 100 hourly SMA and a follow up move above the $1,800 level could start a strong increase. The next key resistance is near the $1,840 level, above which the bulls are likely to aim a 5% rise in the near term.
Fresh Dip in ETH?
If Ethereum fails to clear the trend line resistance or $1,800, it could continue to move down. On the downside, the first major support is near the $1,730 level.
The main support is forming near the $1,700 level. A downside break below the $1,730 and $1,700 support levels may possibly put a lot of pressure on the bulls. As long as ether price is above $1,700, it is likely to climb above $1,800.
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is just below the 50 level.
Major Support Level – $1,730
Major Resistance Level – $1,800
This post was originally published on www.newsbtc.com