Ethereum is currently showing a strong recovery as it surpasses the resistance level of $1,800. However, for a substantial upward movement in the near future, ETH needs to overcome the obstacle at $1,880. Unfortunately, ETH experienced a decline, breaking below the support zone of $1,800 and briefly dipping below $1,750. Nevertheless, it later witnessed a resurgence driven by bullish market activity.
#Ethereum has encountered a notable obstacle in its upward trajectory, struggling to surpass the resistance zone at approximately $1,850. Consequently, the price has dropped below the crucial support level of $1,800. The bearish sentiment has intensified further with the breach of the $1,750 support level.
Despite the challenges faced, there are signs of bullish momentum emerging around the $1,750 support level for Ethereum (ETH). After reaching a low of $1,740, #ETH is currently in a consolidation phase, indicating a potential rebound. Presently, it is trading near the $1,800 mark, aligning with the 100 hourly simple moving average. On the hourly chart of the ETH/USD pair, a significant bullish trend line is visible, providing support at around $1,800.
Currently, there is an immediate resistance level at approximately $1,860, followed by a subsequent resistance area around $1,880. However, the formation of a crucial resistance level is underway at around $1,920, which traders should closely monitor. A significant breakthrough above this $1,920 resistance zone could trigger a notable upward trend towards the $1,960 resistance level. If further gains occur, there is a possibility for the price to advance towards the $2,020 resistance level.
If ETH fails to surpass the resistance at $1,860, there is a possibility of continued downward movement. The initial support level to monitor on the downside is approximately $1,800-$1,780. Following that, a significant support zone can be observed around $1,740. A decisive breach of this level, confirmed by a strong closing, could trigger a notable decline in price. In such a scenario, the price may further descend towards the support zone near $1,700. If losses extend, there is potential for the price to reach the $1,650-$1,600 level in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $1,880-$1,920
SUPPORT LEVEL : $1,790-$1,740
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
