Ethereum Price Uptrend To Continue? These Could Be The Factors To Watch

Ethereum Price Uptrend To Continue? These Could Be The Factors To Watch

Ethereum price is slowly moving higher toward the $1,850 resistance against the US dollar. ETH must clear $1,820 and $1,850 to continue higher.

  • Ethereum is still facing a major hurdle near the $1,850 zone.
  • The price is trading above $1,780 and the 100-hourly Simple Moving Average.
  • There is a key rising channel forming with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $1,820 resistance.

Ethereum Price Eyes Fresh Increase

Ethereum remained in a range below the $1,850 resistance. There was a minor decline, but ETH remained supported above the $1,750 zone, like Bitcoin.

The price is now moving higher above the $1,780 level. There was a break above the 50% Fib retracement level of the upward move from the $1,865 swing high to the $1,741 low. There is also a key rising channel forming with support near $1,790 on the hourly chart of ETH/USD.

Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,820 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,865 swing high to the $1,741 low.

A clear move above the $1,820 resistance could send Ether toward the main hurdle at $1,850. A close above the $1,850 resistance could start a decent increase. In the stated case, the price could rally toward $1,920.

Source: ETHUSD on TradingView.com

The next key resistance is near $1,950, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,000 level. The main hurdle sits at $2,040.

Another Drop in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,790 level, the 100-hourly Simple Moving Average, and the trend line.

The next key support is $1,750. A downside break below the $1,750 support might trigger more bearish moves. In the stated case, Ether could drop toward the $1,700 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,820

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