Home CryptocurrencyAnalysis Ethereum Prints Bullish Pattern, Why ETH Could Cross $1,800

Ethereum Prints Bullish Pattern, Why ETH Could Cross $1,800

by SuperiorInvest

Ethereum corrected lower below $1,750 against the US dollar. ETH remained well above $1,680 and is eyeing a fresh rise above $1,750.

  • Ethereum is trading in a bullish zone above the $1,680 and $1,700 levels.
  • The price is now trading near $1,720 and the 100 hourly simple moving average.
  • A key bullish flag pattern is forming with resistance near $1,730 on the hourly chart of ETH/USD (data source via Kraken).
  • The pair needs to clear $1,750 to continue higher towards $1,850 in the near term.

The price of Ethereum is heading higher

Ethereum increased the pace above the $1,700 and $1,720 levels. ETH even cleared the $1,750 level, but there was no test of the $1,800 resistance zone. A high was formed near $1,788 before the price started a downward correction.

There was a move below the $1,750 level and 100 hour simple moving average. The price dropped below the 23.6% Fib retracement level on the upside from the $1,490 low to $1,788 high. The price of Ether even fell below the level of 1700 USD.

However, the bulls were active near the $1,680 level. The price is now rising and trading above $1,700. It is trading near $1,720 and the 100 hourly simple moving average.

On the upside, the price faces resistance near the $1,730 level. A key bullish flag pattern is also forming on the hourly chart of ETH/USD with resistance near $1,730. Another major resistance is near the $1,750 level. A clear break above $1,750 can send the price towards the $1,780 level.

Source: ETHUSD on TradingView.com

Any further gains may open the door for a move towards the $1,850 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.

Dips Limited in ETH?

If Ethereum fails to rise above the $1,750 resistance, it could trigger a downward correction. Initial downside support is near the $1,680 zone.

The next major support is near $1,650. It is near the 50% Fib retracement level of the move up from the $1,490 swing low to the $1,788 high. A downside break below the $1,650 support could trigger further losses. In this case, the price of Ether can drop to the level of 1600 USD.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now gaining strength in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,680

Major resistance level – $1,750

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