- Ethereum price has dropped from the 50 day SMA on the hourly chart at $1,811.
- Ethereum’s hourly RSI is lying slightly above 50, and hourly MACD is gaining bullish momentum.
- The market is anticipating a clear break above $1,815 and possibly spike ascent to $1,900.
Ethereum Price Analysis: General price overview
Ethereum price has dropped from the 50 days simple moving average on the hourly chart at $1,811. At the time of writing, Ethereum is trading at $1,791 against the US dollar. The coin is trading above the crucial $1,700 support level, and there are high chances of sustaining the price above $1,800. Resistance is high at $2,000, and the bulls need massive buyer action to break above this price level.
The bulls have done a good job for Ethereum since the start of 2021. They’ve maintained an upward momentum, crashed multiple resistance levels along the way, and eventually gained over 85% this year. The market is still optimistic that Ethereum will thrash the $2,000 price level; Shall we look at the numbers?
Ethereum’s hourly RSI is lying slightly above 50, and the hourly MACD is slowly gaining momentum towards a bullish channel. The coin is holding gains above $1,790, and the ETH/USD pair is set to clear resistance around $1,820 and $1,850.
The 12-hour chart indicates a wedge-shaped structure, which traders usually translate to a near-term upward correction. Our take is the price will break the next resistance and break out into an ascending channel. Major support is already forming at $1,803, and a bullish trendline is gaining momentum around $1,810.
Besides, the market anticipates a crucial breakout that has already created resistance around $1,820 on the 1-hour chart. It seems that ETH/USD breaking out of two resistance levels at $1,820 and $1,850; will spike a fresh increase and strong momentum to prepare the coin for the $1,900 target. The next two major resistances will therefore be $1,900 and $1,920. Expectations are also heightening of Ethereum hitting $2,200 within the next two weeks. Which therefore terms $2,000 as the next major support for the bulls.
Ethereum price movement in the past 24 hours
Ethereum formed a descending triangle in the early trading hours after dipping to an intraday low of $1,794. The dip was a downward correction from a daily high of $1,840. And since ETH/USD has been facing resistance at multiple levels in its attempt to recover above the $1,820.
A low is already forming around $1,790 on the 4-hour chart, and the bulls need to maintain a solid increase to break above $1,800. The bears corrected the price below the 23.6% Fibonacci extension level of the upward price correction from a swing low of $1,724 to a swing high of $1,840.
Well, during press time, the coin is trading above $1,780 and the 100 daily Simple Moving Average (SMA). There is initial support of around $1,785, and the price of ETH/USD is near the 50% Fibonacci extension level of the recent upward price correction.
Ethereum price movement on the 4-hour chart
The 1-hour chart has formed resistance near $1,800, and Ethereum has to clear the triangle resistance to remain strong and challenge both $1,800 and $1,820. The next major support after an ascending channel lies above $2,000.
Ethereum price prediction: Conclusion
Ethereum has a major price hurdle at $1,810. The market anticipates a clear break above $1,815 and possibly spikes a gradual ascent to $1,900. Bulls are targeting the $2,000 price barrier. If the coin does not resume its upward momentum, the chances of correcting further downwards are high.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.