Ethereum remains above the $1,720 support level against the US Dollar. ETH needs to get rid of $1,820 and $1,850 to start a steady increase in the near term.
- Ethereum remains above the key $1,720 support area.
- The price is now trading below $1800 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $1800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a strong increase if there is a clear move above $1,820 and $1,850.
Ethereum price tests major support
Ethereum attempted a fresh rally above the $1,820 resistance area. However, there was no continuation of the uptrend and the price remained below Resistance area $1,850.
A top formed near $1,831 and the price declined. There was a break below the $1,800 support area and Simple moving average per 100 hours. A bottom formed near $1,767 and the price remained above the key $1,750 support area.
Ether is now consolidating above the $1,750 support. It rose above the 23.6% Fib retracement level of the recent decline from $1,831 high to $1,767.
On the upside, there is an initial resistance near the $1800 level. There is also a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,831 high to $1,767.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,820 level. The main resistance is still near the $1,850 level. A clear move above the resistance at $1,850 may start a strong rally. The next major resistance is near the $1,920 level.
Breaking the downside in ETH?
If Ethereum fails to rise above the resistance level at $1,820, it may continue to decline. There is initial support on the downside near the $1,765 region.
The next major support is near the $1,720 level. A clear move and a break below the $1,720 support could start a significant decline. In the mentioned case, the price could drop towards the $1,650 support area in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Key Support Level – $1,720
Key Resistance Level – $1,820