- 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.