TA: How Ethereum Could Stage A Strong Surge Above 1,800

Ethereum

Ethereum is struggling to gain pace above $1,800 against the US Dollar. ETH price remains well supported and it is likely to accelerate higher above $1,800 and $1,850.

Ethereum Price Remains Supported

Ethereum spiked above the $1,800 level, but it failed to clear the $1,840 resistance. Conversely, bitcoin was able to clear the $50,000 barrier and it traded to a new all-time high.

ETH price topped near the $1,835 level before it started a fresh decline. It broke the $1,800 support level and settled below the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the upward move from the $1,665 swing low to $1,835 high.

The price is now finding a strong buying interest near the $1,730 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,665 swing low to $1,835 high.

Source: ETHUSD on TradingView.com

On the upside, ether price is facing hurdles near the $1,800 level. There is also a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. A clear close above the 100 hourly SMA and a follow up move above the $1,800 level could start a strong increase. The next key resistance is near the $1,840 level, above which the bulls are likely to aim a 5% rise in the near term.

Fresh Dip in ETH?

If Ethereum fails to clear the trend line resistance or $1,800, it could continue to move down. On the downside, the first major support is near the $1,730 level.

The main support is forming near the $1,700 level. A downside break below the $1,730 and $1,700 support levels may possibly put a lot of pressure on the bulls. As long as ether price is above $1,700, it is likely to climb above $1,800.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is just below the 50 level.

Major Support Level – $1,730

Major Resistance Level – $1,800

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