Ethereum Gains Ground, Targets Crucial $1,850 Resistance Against USD

Ethereum (ETH) Seeks Upside Break Amidst Vital Support at $1,750

Ethereum displayed resilience as it found a solid support near the $1,750 mark against the US dollar. The cryptocurrency is now on an upward trajectory, eyeing a significant breakthrough above the $1,850 resistance.

Here are the key observations:

1. Ethereum maintained a strong position above the critical $1,750 support zone.
2. The current price is trading above $1,780 and the 100-hourly Simple Moving Average.
3. A crucial bullish trend line is forming, offering support around $1,795 on the hourly ETH/USD chart.
4. To sustain its upward movement, ETH must surpass the resistance levels at $1,825 and $1,850.

Detailed Analysis:

Ethereum experienced a correction below the $1,800 level, ultimately testing the $1,750 support where bullish momentum emerged. A low was formed at approximately $1,756, subsequently initiating a fresh uptick similar to Bitcoin’s trajectory.

The price surged past the $1,780 and $1,785 resistance levels, successfully surpassing the 50% Fibonacci retracement level of the recent downside correction (from the $1,849 high to the $1,756 low). Additionally, a pivotal bullish trend line is materializing with support around $1,795 on the hourly ETH/USD chart.

Presently, Ethereum is trading above $1,780 and the 100-hourly Simple Moving Average. The next hurdle lies near the $1,825 mark, in close proximity to the 76.4% Fibonacci retracement level of the previous downside correction (from the $1,849 high to the $1,756 low).

Should Ethereum surmount the $1,850 resistance, it could signal a potential rally. The subsequent significant resistance rests near $1,880, with further breakthroughs potentially propelling the price toward $1,950. Beyond this point, ETH could aim for the $2,000 level.

However, in the event that Ethereum struggles to breach the $1,825 resistance, a downside correction may ensue. Initial support is anticipated around the $1,800 level and the region surrounding the trend line.

Further down, the crucial support levels remain at $1,750 (the last swing low) and the 100-hourly Simple Moving Average. A break below $1,740 might instigate further downward movement, possibly steering Ethereum toward the $1,700 level. Subsequent losses could lead to a potential drop to the $1,660 level.

Technical Indicators:

• Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
• Hourly RSI: The RSI for ETH/USD is now above the 50 level.

Major Support Level: $1,750

Major Resistance Level: $1,850