Ethereum Gains Momentum As Bulls Target Further Upside

Ethereum price started a new decrease from the $1,850 level. At present, ETH is stabilising around the $1800 zone and may target a step above $1,820.

Main Takeaways:

• Ethereum started a market pullback and traded under the $1,800 level.
• The price is trading above $1,780 and the 100-hourly Simple Moving Average.
• There is a short-term building of a converging triangle pattern with resistance at $1,810 on the hourly chart of ETH/USD.
• The pair will begin a new growth if it surpasses the $1,850 resistance level.

Ethereum Eyes Continued Upside Potential

Ethereum prices still maintain above the $1,745 level and begin a new growth, like Bitcoin. ETH surged back over the $1,800 resistance level before the market turned bearish.

A peak was developed at $1,842, and the price adjusted recent gains. There was a step under the $1,820 level. The price dropped under the 50% Fib retracement level of the uptrend from the $1,746 dip down to the $1,842 peak.

Yet, the buyers are still active close to the $1,780 level and the 61.8% Fib retracement level of the uptrend from the $1,746 dip down to the $1,842 peak. 

At present, Ethereum’s price is trading above $1,780 and the 100-hourly Simple Moving Average. On the upside, the price seems to be encountering obstacles around $1,810. The next important resistance point is near $1,820. A short-term triangle is also forming with resistance at $1,810 on the hourly chart of ETH/USD.

The first big resistance point is around $1,850. If the price moves clearly above $1,850, it could rise towards $1,920. If it breaks above $1,920, there could be more gains in the next sessions. In that case, Ether could reach $1,950 or even $2,000 soon.

Another Drop In ETH?

If Ethereum fails to surpass the 1,850 resistance, then there will be a begin a new drop. The first support on the downside is close to the $1,780 level. The first key support is located around the $1,750 zone.

A clear move under the $1,750 support may push the price close to the $1,620 support. Any further losses could push the price down to the $1,600 support level soon. The next important support point is at $1,550.

Ethereum Technical Signals:

Hourly RSI (Relative Strength Index) – The RSI for ETH/USD is currently greater than the 50 zone.

Hourly MACD (Moving Average Convergence Divergence) – The MACD for ETH/USD is currently showing positive momentum in the bullish zone.

• $1,780 – Major Support Level 
• $1,850 – Major Resistance Level

Read also:- Ray Dalio Warns of Global Instability: Is Bitcoin Poised to Gain?

Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.