In relation to the US dollar, the price of Ethereum is consolidating gains below the $1,850 barrier. To initiate another climb, ETH has to maintain its above-the-$1,750 support level.
Ethereum is still finding it difficult to accelerate towards a move over $1,850.
The 100-hourly Simple Moving Average and $1,770 are being crossed by the price.
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On the hourly chart of ETH/USD, a major contracting triangle is forming, with support located at $1,780 (data feed from Kraken).
ETH Bulls in Action: The Quest for a $2,000 Ethereum Price,ETH Bulls in Action: The Quest for a $2,000 Ethereum Price
If the pair is unable to hold above the $1,740 support, it may continue to drop.
The Price of Ethereum Is Still Within
Ethereum entered a downward correction after failing to break over $1,850. The bulls were still active at $1,750, but ETH corrected further below $1,800.
Similar to Bitcoin, a low was made at $1,741, and the price is currently attempting to rise once more. Above the $1,780 mark, there was movement. The 50% Fib retracement level of the decline from the $1,866 swing high to the $1,741 low was tested by the price.
The 100-hourly Simple Moving Average and $1,770 are now being traded above by Ethereum. On the hourly chart of ETH/USD, a significant contracting triangle is also building, with support close to $1,780.
The $1,800 mark represents resistance for further price rises. The $1,815 region serves as the first significant resistance. It’s getting close to the downward move from the $1,866 swing high to the $1,741 low’s 61.8% Fib retracement line.
A solid advance can begin with a closing over the resistance level of $1,815. Ether may retest the $1,850 resistance in the scenario described. The price may rise more quickly above the next significant barrier, which is located around $1,865. In the hypothetical scenario given, the price may increase to around $1,920. The principal obstacle is $2,000.
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One More Drop in ETH?
Ethereum may begin another downturn if it is unable to overcome the $1,815 barrier level. The 100-hourly Simple Moving Average, the trend line, and the $1,780 mark provide initial support on the downside.
$1,740 is the next important support. The price might drop much more if there is a fall break below the $1,740 support level. In the scenario described, Ether may fall to about $1,700.
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