Ethereum price is still struggling to clear the $1,850 resistance against the US dollar. ETH might rally again if it clears $1,820 and $1,850.
- Ethereum is still facing a key barrier near the $1,850 zone.
- The price is trading above $1,785 and the 100-hourly Simple Moving Average.
- There is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its increase if it clears the $1,820 resistance.
Ethereum Price Remains Supported
Ethereum started a slow and steady increase from the $1,740 zone. ETH was able to reclaim the $1,800 resistance zone and avoided a major downside correction, like Bitcoin.
The bulls even pushed the price above the 50% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low. Moreover, there is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD.Bearish Wave in ETH?
If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,800 level, the 100-hourly Simple Moving Average, and the trend line.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,740 Major Resistance Level – $1,820