Key Points:
- Ethereum is attempting a fresh increase after a downside correction below $1,865 support and low at $1,817.
- Ether is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low and is trading near $1,865 and the 100-hourly Simple Moving Average.
- A close above the $1,920 zone could start a fresh rally with next resistance near $2,000 and possible rise toward the $2,050 level.
Ethereum has been experiencing a series of price fluctuations lately. After the digital currency reached a high of $1,912, it started a downside correction below the $1,865 support.
Although the price even spiked below the $1,820 level, the downsides were limited, unlike Bitcoin, which has been experiencing a slump. A low was formed near $1,817 and the price is now attempting a fresh increase.
There has been a break above the $1,840 resistance zone. Furthermore, a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD was broken. Ethereum is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. Additionally, it is currently trading near $1,865 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $1,875 level or the 61.8% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance is near the $1,900 level. Moreover, the first breakout level is near the $1,920 level. If there is a close above the $1,920 zone, a fresh rally could start. Subsequently, the next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ethereum toward the $2,120 resistance.
However, if Ethereum fails to clear the $1,875 resistance or $1,880, it could start another decline. In the event of a decline, the initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average. The next major support is near the $1,840 level, while the first major support is near $1,820. If there is a move below $1,820, the price could drop toward $1,790. Any more losses may perhaps send the price toward the $1,740 support.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
Coincu New
Source: https://coincu.com/199088-ethereum-holds-strong-at-1800/