TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet
Ethereum extended its rise above the $1,820 resistance against the US Dollar. ETH price is currently correcting lower from $1,860, but it might find bids near $1,780.
- Ethereum extended its upward move above the $1,820 level and it even spiked above $1,850.
- The price is now well above the $1,780 support and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to remain active near $1,750.
Ethereum Price Remains In Uptrend
Ethereum remained in a bullish zone above the $1,750 zone, similar to bitcoin. ETH broke the $1,800 and $1,820 resistance levels to move further into a positive zone.
The price even spiked above the $1,850 resistance and it settled nicely above the 100 hourly simple moving average. A high is formed near $1,863 and the price is currently correcting lower. There was a break below the $1,850 pivot level.
Ether even declined below the 50% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high. It is now testing the $1,820 support zone.
Source: ETHUSD on TradingView.com
The 61.8% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high is also near $1,816. Moreover, there is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD.
On the upside, the $1,850 and $1,860 levels are key barriers for the bulls. A clear break above the $1,850 resistance and a follow up move above the $1,863 could set the pace for a test of $1,900.
Dips Limited in ETH?
If Ethereum fails to climb above the $1,850 and $1,860 resistance levels, it could correct lower. An initial support on the downside is near the $1,820 level.
The first major support is near the $1,800 level. The main support is now forming near the $1,750 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,700 and $1,650 support levels.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,850