Ethereum Price Could See “Liftoff” If ETH Clears This Resistance

Read full article at newsbtc.

Ethereum price started a recovery wave above the $1,780 level against the US Dollar. ETH must clear $1,820 to start a decent increase in the near term.

  • Ethereum is currently consolidating below the $1,820 resistance zone.
  • The price is trading below $1,820 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it settles above the $1,820 resistance.

Ethereum Price Recovery Faces Hurdle

Ethereum’s price extended its decline below the $1,800 zone. ETH even declined below the $1,780 level before the bulls appeared near $1,760, similar to Bitcoin.

A low was formed near $1,761 and the price is currently attempting a recovery wave. It is trading above the 23.6% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low. Ether is now trading below $1,820 and the 100-hourly Simple Moving Average.

There is also a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low.

Immediate resistance is near the $1,818 zone and the trend line. The first major resistance is near the $1,820 level. A close above the $1,820 resistance could send Ether toward $1,845.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,875, above which Ethereum could rise toward $1,920. Any more gains above the $1,920 resistance zone could push the price toward the $2,000 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another bearish wave. Initial support on the downside is near the $1,785 level.

The next major support is near the $1,760 zone or the recent swing low. If there is a close below the $1,760 support, the price could start another major decline. In the stated case, the price might drop toward the $1,700 support zone. Any more losses may perhaps send the price toward the $1,660 level in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $1,785

Major Resistance Level – $1,820

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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