.What Levels Will Be Followed In Ethereum Today ? – Ethereum is still consolidating above $ 1,750 and $ 1,710 against the US Dollar. ETH price may soon climb above the $ 1,850 resistance or dive towards the $ 1,550 support.
Ethereum holds the $ 1,750 and $ 1,710 support levels.
The price is currently trading below $ 1,800 and the 100 hourly simple moving average.
There is a connecting bearish trend line with resistance near $ 1,795 on the hourly chart of ETH / USD.
The pair seems to be preparing for a strong move with $ 1,710 as the pivot zone.
Ethereum Price Holds Key Support
Ethereum made another attempt to gain power above $ 1,850, but failed like Bitcoin at $ 60,000. A high was formed around $ 1,865 before there was a sharp drop.
The price broke the $ 1,800 support and fell below the 100 hourly simple moving average. The last level of volatility was formed around $ 1,754 and the price is currently going up. It is trading above the $ 1,765 level.
Ether is currently testing the 50% Fib retracement level of the drop from the $ 1,811 low to the $ 1,754 low. Immediate resistance is near the $ 1,790 and $ 1,800 levels. There is a connecting bearish trend line with resistance near $ 1,795 on the hourly chart of ETH / USD.
The trendline is near the 61.8% Fib retracement level of the last drop from $ 1,811 to $ 1,754. A successful close above the $ 1,800 level could require a new $ 1,850 test. Further gains could open the door to a rally towards $ 2,000 resistance in the near term. A medium resistance could be near the $ 1,935 level.
Negative Breakdown in ETH?
If Ethereum fails to move above the $ 1,800 and $ 1,850 resistance levels, it could drop quickly. The first downside support is near the $ 1,750 level.
The main support is still near the $ 1,710 and $ 1,700 levels. A clear downside break below the $ 1,710 support could possibly open the doors for a larger drop. In the situation mentioned, the bears are aiming to test the $ 1,550 support zone during the day. A mid-level support could be near the $ 1,640 level.
Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly entering the bullish zone.
Hourly RSI – The RSI for ETH / USD is just below the 50 level.
Major Support Level: $ 1,710.
Major Resistance Level: $ 1,800.
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