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Ethereum Price Sees Technical Correction But Key Uptrend Support Intact
Ethereum price rallied following Bitcoin and tested $1,850 against the US dollar. ETH is correcting gains, but the bulls might remain active near $1,750.
Ethereum Price Remains Supported
Ethereum started a strong increase above the $1,750 resistance. Bitcoin dragged ETH higher toward the $1,850 resistance before the bears appeared.
A high is formed near $1,849 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high. However, the price is still trading in a positive zone.
Ethereum is now trading above $1,750 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,805 level. The first major resistance is near the $1,850 zone. The next key resistance is near $1,880. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,950, above which the price could accelerate higher. In the stated case, Ether could test the main $2,000 barrier. Any more gains might open the doors for a move toward $2,200.
More Losses in ETH?
If Ethereum fails to clear the $1,805 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.
The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, Ether could drop toward the $1,720 level. Any more losses may perhaps send Ether toward the $1,700 level and the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,805