Ethereum prices started with the defect correction starting at the $1,850 level. ETH is currently consolidated near the $1,800 zone and could be aiming for a move above $1,820.
- Ethereum began a downside fix and traded below the $1,800 level.
- The price is trading above $1,780, and is a simple moving average of 100 hours.
- A short-term contract triangle is formed on the ETH/USD hourly wage chart (data feed via Kraken) with a resistance of $1,810.
- The pair could begin a new increase once they clear the $1,850 resistance zone.
Ethereum prices are closer
Ethereum prices remained stable above $1,745, and began new increases, like Bitcoin. ETH exceeded the $1,800 resistance level before the bear appeared.
The high was formed at $1,842, and the price corrected some profits. There was a move below the $1,820 level. Prices fell below the 50% FIB retracement level of upward movements from $1,746 to $1,842 swings from $1,746 to $1,842.
However, the Bulls were active near the $1,780 level, with an upward movement at FIB retracement level of 61.8% rising from a low swing of $1,746 to $1,842.
Ethereum prices are currently trading above $1,780, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $1,810 level. The next important resistance is close to the $1,820 level. It also forms a short-term contract triangle that is formed on the ETH/USD hourly wage chart with a resistance of $1,810.
The first major resistance is close to the $1,850 level. A clear move above the $1,850 resistance could potentially send the price towards the $1,920 resistance. A rise break above $1,920 resistance could require more profits in upcoming sessions. If stated, ether could rise towards a $1,950 resistance zone, or even $2,000.
Another reduction in ETH?
If Ethereum fails to clear its $1,850 resistance, it could begin a new decline. The initial support for the downside is close to the $1,780 level. The first major support is near the $1,750 zone.
A clear move below $1,750 support could push the price up to $1,620 support. Any further losses could send prices towards a support level of $1,600 in the short term. The following key support is $1,550:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,780
Major Resistance Levels – $1,850
