Ethereum price is increasing, currently above $1,820 and aiming for $1,850 resistance. The bullish trend line suggests potential upward movement, with targets set as high as $2,000. However, failure to break past $1,850 may lead to corrections, with major support near $1,810. Technical indicators show bullish momentum, particularly in MACD and RSI.
Ethereum’s price appears poised for a potential surge, breaking above the crucial $1,800 mark. More recently, it has begun to challenge the $1,850 resistance, suggesting that bullish momentum could be building. At present, ETH is consistently trading above both $1,820 and the 100-hourly Simple Moving Average, both indicators of a healthy recovery. Additionally, a bullish trend line has formed on the hourly chart, offering support just above $1,810 for ETH/USD, as seen in data feed from Kraken.
The upward movement in Ethereum’s price comes in tandem with Bitcoin’s recent performance. Notably, ETH has managed to surpass the 50% Fibonacci retracement level from its prior decline – peaking at $1,872 before dipping to $1,752. Presently, Ethereum faces some resistance at $1,840, where it coincides with the 76.4% Fib retracement from the same downward trajectory. Market analysts have pegged the $1,850 level as crucial, with a breakthrough there possibly spurring a move towards $1,920. Should this resistance break, Ethereum could potentially target the $1,950 level, paving the way for even higher reaching aspirations towards $2,000 or possibly $2,050.
However, it’s not all smooth sailing. If Ethereum fails to break that $1,850 barrier, a downward correction may be on the horizon. Initial support exists around $1,825, with major support not far behind at $1,810, where that supportive trend line sits. A drop below this level could be concerning with further support levels leaning towards $1,780 and subsequently $1,750. If downward pressure continues, support drops further to a significant level at $1,665.
Looking at the technical indicators provides a little clarity—MACD for the ETH/USD pair is gaining momentum in bullish territory, indicating potential gains ahead. Meanwhile, the RSI also sits above the 50 mark, hinting at a bullish trend in play. Investors are watching these indicators closely as they take positions in a market that’s clearly on the move but remains alongside a risk of adjustment.
In summary, Ethereum stands on the brink of exciting territory as bulls attempt to drive the price higher. The next few trading sessions will be crucial to see how the $1,850 resistance may react, which ultimately could steer Ether’s path in the coming days.
