Ethereum prices have begun a new increase beyond the $1,800 zone. ETH now has revised its profits and is below the $1,820 support zone.
- Ethereum remains strong above $1,750 and begins a new increase
- The price is a simple moving average of under $1,820 and a trade of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) forms a short-term bearish trend line with resistance formed at $1,835.
- The pair could begin a new increase once they clear the $1,840 resistance zone.
Ethereum price dip
Ethereum prices remained supported beyond the $1,750 zone, and have started another increase, like Bitcoin. ETH set a larger tone of increase, above the $1,800 and $1,820 resistance levels.
The Bulls even pushed the price upwards by more than $1,865. The high was formed at $1,873, and the price recently began revising the downside. There was a move below the $1,820 and $1,800 levels. Prices fell below the 50% FIB retracement level of upward movements from $1,734 to $1,873 to $1,873.
Ethereum prices are currently below $1,820 and are trading a simple 100-hour moving average. There is also a short-term bearish trend line formed with a $1,835 resistance on the ETH/USD hourly wage chart.
The advantage is that the price appears to be facing a hurdle close to the $1,820 level. The next important resistance is close to the $1,840 level. The first major resistance is close to the $1,880 level. A clear move above the $1,880 resistance could turn the price towards the $1,950 resistance. An upward break above the $1,950 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,000 resistance zone, and even $2,050.
Another reduction in ETH?
If Ethereum fails to clear its $1,820 resistance, it could begin a new decline. The initial support on the downside is close to the $1,785 level, with a 61.8% FIB retracement level of upwards moving level from a low swing of $1,734 to a $1,873. The first major support is located near the $1,765 zone.
A clear move below the $1,765 support could push the price up to $1,735 support. Any further losses could send prices towards a support level of $1,720 in the short term. The following key support is $1,650:
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD's RSI is below 50 zone.
Key Support Levels – $1,765
Major Resistance Levels – $1,840
