Home Crypto News Ethereum Holds Crucial Support, Why Hopes of Fresh Rally Is Intact

Ethereum Holds Crucial Support, Why Hopes of Fresh Rally Is Intact


Ethereum remained well bid above the $1,720 support against the US Dollar. ETH recovered losses, but it is still facing hurdles near the $1,850 zone.

  • Ethereum remained well bid above the $1,720 support zone.
  • The price is now trading below $1,800 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a steady increase if there is a clear move above the $1,850 resistance zone.

Ethereum Price Remains Stable

Ethereum remained well bid above the $1,700 level and near the $1,720 support zone. A base was formed near $1,720 and there was a fresh increase.

The price gained pace for a move above the $1,800 level and the 100 hourly simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low.

The price spiked above the $1,850 resistance zone. However, the bears remained active near the $1,865 level. Ether failed to clear the 61.8% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,830 level. The next major resistance is near the $1,850 and $1,865 levels. A clear move above the $1,865 resistance might start a fresh increase. In the stated case, the price could revisit $1,920. Any more gains might set the pace for a move towards $2,000.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,865 resistance, it could continue to move down. An initial support on the downside is near the $1,770 zone.

The next major support is near the $1,720 level. A clear move below the $1,720 level might spark a major decline. The next major support might be $1,680. Any more losses could send the price towards the $1,600 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,720

Major Resistance Level – $1,865



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