After managing to stay above the $1,750 zone, Ethereum (ETH) is on the rise again, following in the footsteps of Bitcoin (BTC)
Ethereum (ETH) has encountered some selling pressure in recent times, but its long-term uptrend is still holding strong. After finding support at the $1,750 zone, Ethereum (ETH) is showing signs of recovery, following Bitcoin (BTC), and has managed to break several key resistance levels.
As Ethereum (ETH) broke through the $1,800 and $1,820 resistances, it opened up the potential for further gains. Market participants managed to push the price up to $1,873 before it encountered some selling pressure.
This correction brought the Ethereum (ETH) price back down below the $1,820 level and the 100-hour simple moving average. Currently, Ethereum (ETH) is trading below $1,820, forming a short-term bearish trend. There is also a bearish trend line with resistance at $1,835 on the hourly chart of ETH/USD.
The price seems to be facing resistance again near the $1,820 level, and the next key resistance is at $1,840. If Ethereum (ETH) manages to break the $1,880 resistance, this could be an early signal for further gains.
A clear move above this resistance might push the price towards $1,950. If this momentum continues, Ethereum (ETH) could reach the $2,000 or even $2,050 resistance zone in the near future.
The hourly MACD indicator for ETH/USD is showing increasing momentum in the bearish zone, while the hourly RSI is now below the 50 zone. This shows that there is quite strong selling pressure, but the opportunity to return to the uptrend is still open if some key resistance levels can be broken.
If Ethereum (ETH) fails to break the $1,820 resistance, there is a possibility that the price will experience a further decline. Initial support lies near the $1,785 level, which is the 61.8% Fib retracement of the last upside move from $1,734 to $1,873.
The next major support is the $1,765 zone. A drop below the $1,765 support could push the price towards $1,735. If the decline continues, Ethereum (ETH) may look for support at the $1,720 level. The next key support is at $1,650, which could be an important turning point to determine the next direction of the market.
