2023-10-24 07:44 |
Ethereum price started a decent increase after Bitcoin rallied 15% against the US dollar. ETH is rising, but it might struggle to clear the $1,850 resistance.
Ethereum started a steady increase above the $1,750 resistance. The price is trading above $1,780 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to clear the $1,850 and $1,880 resistance levels. Ethereum Price Jumps 10%Ethereum remained in a positive zone above the $1,650 support zone. The recent pump in Bitcoin above the $34,000 resistance sparked more upsides in ETH. There was a steady increase above the $1,720 and $1,750 resistance levels.
The price even cleared the key $1,800 resistance zone. A high is formed near $1,849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.
Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,750 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.
On the upside, the price is facing resistance near the $1,850 level. The first major resistance is near the $1,880 zone. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,920, above which the price could accelerate higher.
Source: ETHUSD on TradingView.com
In the stated case, Ether could start a strong increase toward the $2,000 resistance. Any more gains might open the doors for a move toward $2,200.
Downside Correction in ETH?If Ethereum fails to clear the $1,850 resistance, it could start a downside correction. Initial support on the downside is near the $1,800 level.
The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, the price could drop toward the $1,700 level. Any more losses may perhaps send Ether toward the $1,650 level and the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,850
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