Ethereum continues to struggle to break through the $1,840 resistance against the US Dollar. However, if it manages to clear both $1,840 and $1,850, a decent increase could follow. Currently, the price is trading above $1,800 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,830. Ethereum’s price saw a decent upward move from the $1,780 support zone. ETH moved past the $1,820 resistance level and even spiked towards the $1,840 resistance, where the bears stopped any further movement for now. Ether is currently consolidating gains, trading above $1,800 and the 100-hourly Simple Moving Average. The immediate resistance is near the $1,830 level with the next resistance sitting near $1,840, which, if cleared, signals bullish momentum towards $1,850. A move above the $1,880 resistance level could see the price rise towards $1,920. Any further gains above the $1,920 resistance zone could start a decent increase towards the $2,000 resistance. If Ethereum fails to clear the $1,840 resistance, it might experience a downside correction. The initial support on the downside is near the $1,815 level and 100 hourly SMA, while the next major support is near the $1,800 zone. If the price drops below this support, it could gain bearish momentum with further losses taking the price toward the $1,740 level in the near term. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is above the 50 level.
Source: TradingView.com.
Quotes:
– “Ethereum price is still below the $1,840 resistance against the US Dollar. ETH could start a decent increase if it clears $1,840 and $1,850.”
– “The next resistance sits near $1,840, above which Ethereum could gain bullish momentum and rise toward $1,850. If there is a move above the $1,880 resistance level, the price might rise toward the $1,920 level. Any more gains above the $1,920 resistance zone could start a decent increase toward the $2,000 resistance.”
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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