TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

Ethereum formed a base near $1,740 and started a recovery wave against the US Dollar. ETH is now facing a major resistance near the $1,900 zone.

  • Ethereum started a recovery wave above the $1,800 and $1,820 levels.
  • The price is now trading above $1,820 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,900 and $1,920 resistance levels to continue higher.

Ethereum Price Eyes Upside Break

Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.

There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD.

The price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $1,900 level. The next major resistance is near the $1,920 level. A proper upside break above the $1,920 resistance might start a decent increase. In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the main $2,085 resistance zone.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. An initial support on the downside is near the $1,840 zone.

The next major support is near the $1,820 level and the 100 hourly simple moving average. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.

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 well above the 60 level.

Major Support Level – $1,820

Major Resistance Level – $1,920

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: