Ethereum’s current price stands around $1,800 after a correction from $1,850. Bulls are trying to push above $1,820, with potential hurdles at $1,810. Should the price clear $1,850, gains towards $1,920 and possibly up to $2,000 may follow. Conversely, failure to breach this level could result in declines, with key support levels identified at $1,780 and $1,750.
Ethereum’s price recently took a downward detour from hitting $1,850. Now, it appears to be stabilising around $1,800 while setting its sights on breaking past $1,820. However, it did drop below the $1,800 mark during the correction phase. The coin has maintained its position above $1,780 and is above the 100-hourly Simple Moving Average, which suggests resilience among bulls in the market.
There’s a short-term contracting triangle taking shape, with resistance forming around the $1,810 area on the hourly chart for ETH/USD—data sourced from Kraken. Should Ethereum manage to overcome the $1,850 barrier, there’s room for a significant upward movement in price.
ETH had been showing steady growth, particularly above the $1,745 mark, echoing the trends seen with Bitcoin. It managed to temporarily rise past the $1,800 level, but soon met resistance from the sellers. A high of $1,842 was reported before a correction caused a retreat below $1,820. Notably, it went under the 50% Fib retracement of the move from $1,746 up to $1,842.
Despite this pullback, bullish activity at around $1,780 remains compelling. This marks a critical retracement level at 61.8% for the upward shift from the swing low of $1,746 to the recent high of $1,842. Trading currently sits above that $1,780 level, and looks like there might be some obstacles to overcome around the $1,810 mark.
Next up, a crucial resistance pops up at $1,820, and if bulls break through the $1,850 resistance, it could send Ethereum soaring to around $1,920. This would pave the way for a potential rise towards the $1,950 mark or perhaps even touch $2,000 soon thereafter.
But here’s the catch: should ETH struggle to break above $1,850, it could trigger another round of declines. Support appears to be positioned at $1,780 initially, while a more significant buffer is found around $1,750. If it breaches that, the price could tumble towards $1,620 and further down to threaten the $1,600 mark in the near future. Next major support is anticipated at $1,550.
As for technical indicators, the hourly MACD for ETH/USD is reflecting growing momentum within the bullish territory. Meanwhile, the RSI has also surpassed the 50 mark, offering encouraging signs but reflects the necessity for swift action on the bulls’ part to prevent a downward spiral.
