Post By: CryptosHeadlines.com

The price of Ethereum is gradually increasing and approaching the $1,850 resistance against the US dollar. To sustain this upward momentum, Ethereum needs to surpass the hurdles at $1,820 and $1,850.Ethereum is currently encountering a significant obstacle around the $1,850 area. Despite this, it’s trading above $1,780 and remains above the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, which uses data from Kraken, there’s a notable rising channel with support at approximately $1,790.
If Ethereum manages to surpass the $1,820 resistance, it could potentially gather bullish momentum.
Ethereum Price Gearing Up for a New Rally
Ethereum has been trading within a range below the $1,850 resistance level. It did experience a minor dip but found support above $1,750, similar to Bitcoin’s movement.
Currently, Ethereum’s price is on an upward trend, surpassing the $1,780 level. It broke through the 50% Fibonacci retracement level of the recent move from the low of $1,741 to the high of $1,865. On the hourly ETH/USD chart, there’s a notable rising channel with support at approximately $1,790.
Ethereum is now trading above $1,780 and is above the 100-hourly Simple Moving Average. On the positive side, the price is encountering resistance around the $1,820 level. This is close to the 61.8% Fibonacci retracement level of the recent move from the $1,741 low to the $1,865 high.
If Ethereum can make a clear break above the $1,820 resistance, it may head towards the primary barrier at $1,850. A successful move past this level could initiate a notable increase, possibly rallying towards $1,920.
The subsequent significant resistance stands near $1,950, and if breached, the price might accelerate its ascent. In such a scenario, the price could aim for the $2,000 level, with the primary obstacle at $2,040.
Is Ethereum Headed for Another Decline?
If Ethereum doesn’t manage to overcome the $1,820 resistance, it could be in for another downward move. The initial support on the downside can be found around the $1,790 level, which includes the 100-hourly Simple Moving Average and the trend line.
The next significant support level is at $1,750. A break below this support might trigger more bearish movements. In such a scenario, Ethereum could decline toward the $1,700 level.
Technical Indicators
The hourly MACD (Moving Average Convergence Divergence) for ETH/USD indicates a slowdown in bullish momentum.The hourly RSI (Relative Strength Index) for ETH/USD has now fallen below the 50 level.Key Support Level – $1,750Key Resistance Level – $1,820.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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