- Ethereum traded towards the $1,710 support before correcting higher.
- The price is now facing a strong resistance near $1,800 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady increase if it settles above $1,800 and the 100 hourly SMA.
Ethereum Price is Facing Hurdles
The price traded above the $1,750 and $1,760 resistance levels. There was a break above the 23.6% Fib retracement level of the downward wave from the $1,944 swing high to $1,712 low. However, the price seems to be facing a strong resistance near the $1,800 level.
Source: ETHUSD on TradingView.com
A clear break above the trend line resistance could open the doors for a steady increase above $1,800. An immediate resistance is at $1,828. It is close to the 50% Fib retracement level of the downward wave from the $1,944 swing high to $1,712 low.
Fresh Decline in ETH?
The main support seems to be forming near the $1,700 level. If the bulls fail to defend the $1,700 support zone, there is a risk of a drop towards the $1,660 level. Any more loses could possibly lead the price towards the $1,620 level.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,800