Key Takeaways:
- Ether’s price is attempting a major bullish break above $1,850.
- ETH surpassed a crucial bearish trend line with resistance near $1,855 on the 4-hour chart.
- The price could rally if there is a close between $1,880 and $1,900.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH holds the $1,840 support zone. The price could surge if it clears $1,880 and then $1,900 in the coming sessions.
Ethereum Price (ETH) Eyes Trend Reversal
After forming a base above the $1,800 zone, Ethereum started a recovery wave against the US dollar. The ETH/USD pair climbed above the $1,820 and $1,830 levels.
There was a clear move above the $1,840 pivot level and the 50 Simple moving average (4 hours, blue). More importantly, Ether surpassed a crucial bearish trend line with resistance near $1,855 on the 4-hour chart.
However, the bears seem to be protecting the $1,880 resistance zone. A high is formed near $1,877, and the price is now consolidating gains.
It retests the same trend line and trades above the 50 Simple moving average (4 hours, blue). The 50% Fib retracement level of the upward move from the $1,802 swing low to the $1,877 high is also near the 50 SMA.
On the upside, Ethereum faces hurdles near the $1,875 and $1,880 levels. The next major resistance sits near the $1,900 level, above which the price could test $1,940. A successful close above the $1,940 resistance could send ETH toward the $2,030 resistance.
The next major resistance is near $2,120, above which the price could rise toward the $2,200 resistance. In the stated case, a move toward $2,320 is possible.
Another Miss?
Conversely, Ethereum might struggle to clear the $1,880 and $1,900 resistance levels. Immediate support is seen near the $1,840 level. The next major support is near the $1,830 level or the 61.8% Fib retracement level of the upward move from the $1,802 swing low to the $1,877 high.
If there is a close below $1,830, there is a risk of a larger decline. The price may test the $1,780 support in the stated case. Any more losses below $1,780 could send the price toward the $1,650 zone.
The US PPI report (released by the Bureau of Labor Statistics, Department of Labor) will be released today. It could rise 0.7% in July 2023 (YoY), and the Producer Price Index ex Food & energy might increase 2.3%. Any major change might help Bitcoin and Ethereum in the short term.
Overall, Ethereum is eyeing a fresh increase. If ETH climbs above the $1,900 resistance, it could start a decent upward move. On the other hand, it could drop toward the $1,780 support.
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