If ETH clears the $1850 level, there are strong chances to hit $2000 in the near-term as the coin remained stable above $1750 against the US dollar. The ETH price is now eyeing the upside break above the $1850 and the $1880 resistance levels so let’s take a closer look at the price analysis today.
Ethereum started a fresh increase after it started trading to $1650 support zone with the price is now trading well above the $1750 and the 100 hourly simple moving average with a major bearish trend line forming with the resistance of $1825 on the hourly chart of the pair that could start a strong increase if there’s a clear break above the $1825 and $1850. ETH declined dramatically below the $1800 level and the $1750 support levels with the price dropping below these levels and the 100 hourly simple moving average.
The bulls were able to take a strong stand near the $1650 zone with a new low forming near the $1665 and the price going for a new increase. There was also a break above the $1750 resistance and the 100 hourly simple moving average while ETH was able to hit $1800 but failed to shoot higher than $1850. The new high was formed shortly after, close to the $1835 and with a minor dip as well. The price corrected below the $1800 level with a break below the 23.6% fib retracement level from the wave at $1665 swing low to the $1835 high.
The bulls were active above the $1750 support level so the 50% fib retracement level of the recent wave from $1665 low to $1835 high is also close to $1750. If ETH clears the $1800 range, there’s a strong chance of hitting $2000 while the price is facing major hurdles near the $1850 level. There’s also a major bearish trendline that is forming with the resistance of the $1825 zone with a strong chance for the bulls to aim towards $2000.
If ETH fails to clear the trend line resistance of $1850, there could be another decline while on the downside, the first major support is clear the $1750 level. The main support is close to $1700 level and if there’s a close below this level, the bulls could lose control with more chances to hit the $1650 support. The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI for the pair is above the 50 level.
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