Ethereum prices have begun a lower correction, below the $1,780 level. ETH is currently consolidated near the $1,800 zone and could be aiming for a move above $1,820.
- Ethereum began a downside fix and traded below the $1,765 level.
- The price is trading above $1,770, and is a simple moving average of 100 hours.
- The ETH/USD time chart (data feed via Kraken) has a bearish trend line connecting with resistance, with resistance formed at $1,815.
- The pair could begin a new increase once they clear the $1,820 resistance zone.
Ethereum prices get fresh profits
Ethereum prices remained stable above $1,725, and began new increases, like Bitcoin. The ETH traded as low as $1,746 and climbed above the $1,770 resistance level.
There was a move above the 23.6% FIB retracement level of the downward movement from the $1,857 Swing High to the $1,746 low. The Bulls pushed the price to $1,800 resistance. However, it never exceeded the $1,800 resistance.
The price was rejected near the 50% FIB retracement level of downward movement, from a Swing High of $1,857 to a low of $1,746. There is also a connected bearish trendline formed with $1,815 in resistance on the ETH/USD hourly wage chart.
Ethereum prices are currently trading above $1,770, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $1,800 level. The next important resistance is close to the $1,820 level.
The first major resistance is close to the $1,850 level. A clear move above the $1,850 resistance could potentially send the price towards the $1,920 resistance. A rise break above $1,920 resistance could require more profits in upcoming sessions. If stated, ether could rise towards a $1,950 resistance zone, or even $2,000.
Another reduction in ETH?
If Ethereum fails to clear its $1,820 resistance, it could begin a new decline. The initial support for the downside is close to the $1,770 level. The first major support is near the $1,750 zone.
A clear move below $1,750 support could push the price up to $1,650 support. Any further losses could send prices towards a support level of $1,620 in the short term. The following key support is $1,550:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,770
Major Resistance Levels – $1,820
