Will Ethereum Start a New Rally?

Ethereum surged its bullish above the $ 1,820 level and even climbed above $ 1,850.

The price is currently well above the $ 1,780 support and the 100 hourly simple moving average.

There is a key bullish trend line formed with support near $ 1,755 on the hourly chart of ETH / USD.

The pair may correct the decline, but the bulls are likely to remain active around $ 1,750.

Ethereum Price Remains On The Rise

Similar to Bitcoin, Ethereum remained in a bullish zone above the $ 1,750 zone. ETH broke the $ 1,800 and $ 1,820 resistance levels to move into the positive zone.The price even climbed above the $ 1,850 resistance and well above the 100 hourly simple moving average. A high was formed around $ 1,863 and the price is currently correcting lower. There was a break below the $ 1,850 pivot level.

Ethereum even dropped below the 50% Fib retracement level of the recent increase from the $ 1,787 low to $ 1,863. It is now testing the $ 1,820 support zone.

On the upside, the $ 1,850 and $ 1,860 levels are the main hurdles for the bulls. A clear break above the $ 1,850 resistance and a follow-up move above $ 1,863 could set the pace for a $ 1,900 test.

Limited Bottoms on ETH?

If Ethereum fails to break above the $ 1,850 and $ 1,860 resistance levels, it could retreat to a lower level. The first downside support is near the $ 1,820 level.

The first major support is near the $ 1,800 level. The main support is currently forming near the $ 1,750 level, the trend line and the 100 hourly simple moving average. More losses could possibly open the doors for a move towards the $ 1,700 and $ 1,650 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH / USD is currently falling towards the 50 level.

Major Support Level: $ 1,750.

Major Resistance Level – $ 1,850.

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