ETH extends rally above $1800 resistance against the US dollar with the price now correcting lower from $1840 but could find more bids near $1750 as we can see more in today’s Ethereum news.
Ethereum remained in a positive zone and pumped above the $1800 resistance with the price now well above the $1750 support and the hourly simple moving average. There’s a major bullish trend line that is forming near the support at $1720 on the hourly chart of the pair that could correct lower if the bulls don’t protect the $1750 level. ETH started a steady increase above $1750 resistance similar to BTC. It then broke the $1780 and the $1800 resistance to moving into the positive zone.
The price cleared the $1820 level and settled above the 100 hourly simple moving average after trading as high as $1840 before starting a downside correction. There was a break below the $1820 and the $1800 levels so now ETH is trading below the 23.6% fib retracement level from the upwards move of $1663 low to $1840 high. On the downside, there are plenty of support levels that start with $1750 with another major bullish trend line that is forming with the support near $1720 on the hourly chart of the ETH/USD.
Looking at the upside, the bulls are going to face more hurdles near $1850 but if there’s a successful close above this level, the price could surge higher in the upcoming sessions. In this case, the price will visit the $1920 and the $1950 levels as well. If ETH fails to climb higher, it will correct lower and the initial support will be near $1750. The 50% fib retracement level from the upwards move of $1663 low to $1840 high is also near the $1750 level.
The next major support is also close to the $1720 level as the trend line and the 100 hourly simple moving average but more losses could open the door towards $1650. The hourly MACD for the pair is losing momentum in the bullish zone as ETH extends rally above $1800 and the RSI is dropping towards 50 level.
As reported recently, The price was above the $1650 resistance and the 100 hourly simple moving average with the key bullish trend line forming close to the support near $1675 on the hourly charts of the pair that will start a strong rally if it manages to clear the break above $1730.
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