Ethereum is facing a strong resistance near $1,800 against the US Dollar. ETH price must settle above $1,800 and the 100 hourly SMA to move into a bullish zone.
Ethereum declined towards the $1,700 support zone, where the bulls appeared. ETH traded as low as $1,712 before it started an upside correction, similar to bitcoin.
The price traded above the $1,750 and $1,760 resistance levels. There was a break above the 23.6% Fib retracement level of the downward wave from the $1,944 swing high to $1,712 low. However, the price seems to be facing a strong resistance near the $1,800 level.
There is also a key bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. The trend line resistance at $1,800 is also close to the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
A clear break above the trend line resistance could open the doors for a steady increase above $1,800. An immediate resistance is at $1,828. It is close to the 50% Fib retracement level of the downward wave from the $1,944 swing high to $1,712 low.
The next key resistance is near the $1,855 level, above which ether price might rise steadily towards the $1,900 and $1,920 levels in the near term.
If Ethereum fails to correct higher above the $1,800 and $1,828 resistance levels, it could decline further lower. The first key support is near the $1,710 level.
The main support seems to be forming near the $1,700 level. If the bulls fail to defend the $1,700 support zone, there is a risk of a drop towards the $1,660 level. Any more loses could possibly lead the price towards the $1,620 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,800
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