Ethereum’s price is gaining traction as it moves above key resistance levels. With support near $1,735 and a bullish trend line forming, ETH/USD is poised for further upside. This article examines the recent price movements, technical indicators, and potential price targets for Ethereum.
Positive Breakout and Consolidation:
Following Bitcoin’s rally, Ethereum formed a support base above $1,700 and started a notable uptrend. It surpassed the $1,770 resistance, reaching a high near $1,826 before entering a consolidation phase. Despite the consolidation, Ethereum remains above the 23.6% Fibonacci retracement level and the 100-hourly Simple Moving Average, indicating a positive sentiment.
Bullish Momentum and Key Levels :
Ethereum’s price faces immediate resistance near $1,820, followed by a major resistance level at $1,850. A successful breach of these levels could trigger further gains, pushing the price towards $1,920 and even the psychological $2,000 mark. Conversely, if ETH fails to clear the $1,820 resistance, a downside correction may occur, with initial support near $1,770. The next significant support level is near $1,740, followed by the $1,700 zone.
Technical Indicators and Overbought Conditions:
The hourly MACD indicator suggests a loss of bullish momentum, while the RSI is currently in the overbought zone. These indicators indicate a potential period of consolidation or minor correction before another upward move.
Ethereum’s price displays strength and upward momentum, surpassing key resistance levels. With support levels in place and a bullish trend line forming, ETH/USD could continue its upward trajectory. Traders will closely monitor the resistance levels at $1,820 and $1,850 for further price action.
