ETH could stage another surge higher above the $1800 level as it is struggling to gain pace above this level with it remaining well support and likely to accelerate higher above $1850 so let’s read more about it in today’s Ethereum news.
ETH topped near the $1835 level and it started correcting lower with the price now trading well below $1800 and the 100 hourly simple moving average with the bearish crucial trend lien forming near this resistance on the hourly charts of the pair. The ETH/USD pair could bounce back as long as it is trading above the $1700 support.
ETH spiked above the $1800 level but then failed to clear the $1840 resistance so BTC was then able to clear the $50K barrier and hit a new all-time high today. ETH dropped near the $1835 level before starting a fresh decline so it managed to break the $1800 support level and settled below the 100 hourly simple moving average where there was also a break below the 50% fib retracement level from the upwards movement at $1665 low to $1835 high. The ETH price hit the $1835 level before starting a fresh decline and also managed to break the $1800 support level while settling below the 100 hourly simple moving average. There was also a break below the 50% fib retracement level to the $1835 high.
The price was looking for a strong buying interest close to the $1730 level but then close to the 61.8% fib retracement level from the upwards move at $1665 swing low to the $1835 high. On the upside, the ETH price faced many hurdles close to the $1800 level with a crucial bearish trend line forming near the resistance of $1800 on the hourly chart of the pair. The clear close above the 100 hourly SMA and a move above $1800 could start a strong surge with the next key resistnace nearing the $1840 level above which the bulls will aim for a 5% rise in the near-term.
ETH could stage another surge but if it fails to clear the trend line resistance of $1800 it could crash down and the first major support on the downside will be set at $1730. The main support is forming close to the $1700 level with the downside break below $1730 and $1700 putting a lot of pressure on the bulls. As long as the ETH price remains above $1700 it could go even higher.
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