Ethereum Price Analysis: Key Support and Resistance Levels in Focus

Ethereum’s price corrected from $1,875 to $1,780, testing crucial support levels.
Technical indicators hint at the possibility of a bullish surge or further downtrend.

Ethereum, the second-largest cryptocurrency by market capitalization, encountered a corrective phase, descending from the $1,875 threshold against the US dollar. The digital asset revisited the pivotal support area at $1,780, priming itself for a prospective uptick.

Despite the current corrective course, Ethereum stands resiliently supported at $1,780 and $1,750. Nevertheless, the price confronts barriers below $1,820, coupled with the 100-hourly Simple Moving Average. A notable breakthrough emerged, with a bullish trend line breach near $1,795 on the ETH/USD hourly chart obtained from Kraken’s data feed.

This breach could signal an impending upswing targeting the resistance levels at $1,850 and $1,875. Ethereum’s recent attempt to surpass the $1,850 resistance encountered limitations, somewhat parallel to Bitcoin’s movements. Despite reaching highs at $1,874, the subsequent correction led to a dip below $1,800 and the 100-hourly Simple Moving Average, landing around the $1,780 support zone.

Analyzing Ethereum’s Recent Price Movement

Revisiting the hourly chart of ETH/USD, an optimistic sign surfaced through a break above the bearish trend line near $1,795. Ethereum now hovers around the 23.6% Fib retracement level from the recent drop, aiming for a recovery.

As the price meets resistance near $1,810 and the 100-hourly Simple Moving Average, a crucial challenge emerges around the $1,825 mark or the 50% Fib retracement level. Surpassing $1,825 could initiate a sustained climb, leading to the retest of $1,875 and potentially surging further towards $1,920 and $2,000 levels. Beyond this threshold, a push towards $2,050 might come into play.

Conversely, failure to surpass the $1,825 resistance might extend the descent. Initial support sits at $1,780 and a critical level at $1,750. Should a breakdown beneath $1,750 occur, it could trigger a bearish momentum, leading Ethereum toward the $1,650 zone.

Technical indicators such as the Hourly MACD and RSI for ETH/USD suggest a bearish inclination, highlighting the critical support at $1,780 and the resistance at $1,825.