Ethereum’s current price trajectory exhibits a phase of consolidation just below the formidable $1,850 resistance, as it vies against the US dollar. The pivotal condition for ETH’s next upswing is its ability to remain steadfast above the $1,750 support level.
Ethereum continues to grapple with its quest for an ascent beyond the $1,850 milestone. Currently, it finds itself perched above the $1,770 mark, supported by the 100-hourly Simple Moving Average. Notably, the hourly chart of ETH/USD (sourced from Kraken) reveals the emergence of a critical contracting triangle with support situated around $1,780.
The stakes are high; should ETH falter in holding above the $1,740 support threshold, a descent appears imminent. The quest to surmount the $1,850 frontier remains a focal point for Ethereum’s trajectory, and its achievement hinges on the bulls’ resolve.
The Ethereum price, following its endeavors to reach beyond $1,850, embarked on a retracement, descending below the $1,800 echelon. Yet, the bulls retained their influence and bolstered Ethereum’s position, preventing a further dip below $1,750.
A nadir was etched at approximately $1,741, whereupon Ethereum now seeks to regain its footing and initiate an ascent, mirroring the actions of Bitcoin. The latest endeavors saw the price surpassing the $1,780 threshold, meticulously scrutinizing the 50% Fibonacci retracement level from the preceding downturn between the $1,866 pinnacle and the $1,741 low.
Presently, Ethereum maintains its stance above $1,770, buoyed by the support of the 100-hourly Simple Moving Average. The hourly chart of ETH/USD also reveals a notable contracting triangle with its support positioned at around $1,780.
On the ascendant front, the $1,800 tier stands as a formidable adversary. The initial principal hurdle materializes near the $1,815 sector, situated proximate to the 61.8% Fibonacci retracement level of the descent from the $1,866 zenith to the $1,741 nadir.
A breakthrough above the $1,815 resistance level could set the stage for a substantial escalation. In such a scenario, Ether may revisit the $1,850 resistance. The subsequent substantial resistance looms near $1,865, signaling the potential for Ethereum’s price to gain further momentum. In such a situation, the price may chart a course towards the $1,920 juncture, with the ultimate challenge residing at $2,000.
Potential Reversal for ETH?
In the event of Ethereum faltering in conquering the $1,815 barrier, the possibility of a reversal cannot be dismissed. On the downside, the initial safety net resides at the $1,780 level, marked by the 100-hourly Simple Moving Average and the trend line.
A more substantial support threshold rests at $1,740. Should a downturn below the $1,740 support manifest, it could trigger a protracted descent, potentially guiding Ether towards the $1,700 tier.
Analyzing Technical Indicators
Hourly MACD – The MACD for ETH/USD displays signs of waning bullish momentum.
Hourly RSI – The RSI for ETH/USD presently descends below the 50 threshold.
Major Support Level – $1,720
Major Resistance Level – $1,815