ETH Faces Barrier at $1,850: Ethereum Price Analysis and Resistance Outlook
- Ethereum price eyes an upward movement toward $1,850 resistance against the US dollar.
- Significant hurdles persist at $1,850; the price struggles to breach it, although trading above $1,780 and the 100-hourly Simple Moving Average.
Amidst its slow ascent, Ethereum‘s price is gravitating towards the pivotal $1,850 resistance level against the US dollar. However, significant hurdles persist as it continues to face resistance near this crucial mark while maintaining a position above $1,780 and the 100-hourly Simple Moving Average.
An observable trend emerges, highlighted by the formation of a critical rising channel, with support of around $1,790 on the hourly ETH/USD chart via Kraken’s data feed. This pattern is an important indicator, signaling potential bullish momentum if Ethereum manages to surpass the $1,820 resistance.
In the ongoing scenario, Ethereum is tracing a path above $1,780 and the 100-hourly Simple Moving Average, facing an obstacle near the $1,820 level. This level’s proximity to the 61.8% Fib retracement from the recent swing high to the low reflects its significance in Ether’s immediate journey.
Key Indicators Signal ETH’s Struggle and Potential Breakthrough at $1,820 Resistance
To propel its trajectory further, Ethereum must conquer the $1,850 hurdle. Success breaching this critical resistance could trigger a substantial upward move, possibly directing the price toward $1,920, with $1,950 acting as the subsequent key resistance.
Should Ethereum fail to surpass the $1,820 hurdle, a downward trend might ensue. Initial support is $1,790, reinforced by the 100-hourly Simple Moving Average and the trend line. A breach below $1,750 could lead to further bearish movements, potentially guiding Ether’s price downward to the $1,700 level.
Technical indicators, including the hourly MACD and RSI for ETH/USD, are crucial in assessing market momentum. The MACD indicates a waning bullish trend, while the RSI stands below the 50 level, signaling potential uncertainty in Ethereum’s near-term price action.
