TA: Ethereum Prints Bullish Pattern, Why ETH Could Surge Past $1,800

TA: Ethereum Prints Bullish Pattern, Why ETH Could Surge Past $1,800

Ethereum corrected lower below $1,750 against the US Dollar. ETH remained well bid above $1,680 and is eyeing a fresh surge above $1,750.

  • Ethereum is trading in a bullish zone above the $1,680 and $1,700 levels.
  • The price is now trading near $1,720 and the 100 hourly simple moving average.
  • There is a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $1,750 to continue higher towards $1,850 in the near term.

Ethereum Price Aims Higher

Ethereum gained pace above the $1,700 and $1,720 levels. ETH even cleared the $1,750 level, but there was no test of the $1,800 resistance zone. A high was formed near $1,788 before the price started a downside correction.

There was a move below the $1,750 level and the 100 hourly simple moving average. The price dipped below the 23.6% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. Ether price even dipped below the $1,700 level.

However, the bulls were active near the $1,680 level. The price is now rising and trading above $1,700. It is trading near $1,720 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,730 level. There is also a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USD. The next major resistance is near the $1,750 level. A clear break above $1,750 might send the price towards the $1,780 level.

Source: ETHUSD on TradingView.com

Any more gains may perhaps open the doors for a move towards the $1,850 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.

Dips Limited in ETH?

If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,680 zone.

The next major support is near $1,650. It is near the 50% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. A downside break below the $1,650 support might spark more losses. In the stated case, ether price might drop towards the $1,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,680

Major Resistance Level – $1,750

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: