Key Takeaways:
- Ethereum seems to be setting up for a fresh rally above $1,840.
- ETH/USD follows a bullish flag with resistance at $1,820 on the daily chart.
- The price could jump over 10% if it clears the $1,840 resistance.
NEW DELHI (CoinChapter.com) — Ethereum (ETH) is consolidating gains above $1,750. The bulls could soon aim for a 10% rally this Halloween 2023 toward the $2,000 resistance.
Ethereum Price Eyes Fresh Increase
In the past few days, Ethereum price saw a strong rally from the $1,520 zone. ETH formed a triple bottom near the $1,520 zone before the bulls took the stage.
There was a sustained rally above the $1,600 resistance, like Bitcoin. The bulls pumped it above a key bearish trend line with resistance at $1,720 on the daily chart. Ether climbed above the 50% Fib retracement level of the main drop from the $2,031 swing high to the $1,521 low.
Finally, Ethereum tested the $1,850 resistance zone. It seems like it faced selling interest near the 61.8% Fib retracement level of the main drop from the $2,031 swing high to the $1,521 low.
The current price action is positive above the $1,750 level and the 50-day simple moving average (blue). There is also a bullish flag forming with resistance at $1,820 on the same chart. The last two candles were bullish, and there are chances of a third consecutive bullish candle on this Halloween day.
A successful break above the flag resistance could set the pace for a move above the $1,840 resistance. In the stated case, Ethereum could surge over 10% and climb toward the $2,000 resistance. The next key resistance is near $2,030. Any more gains could start a steady uptrend toward $2,120.
ETH Could Dip and Then Rip Higher?
Conversely, Ethereum might struggle to continue above the $1,820 and $1,840 resistance levels. In this case, there might be a minor drop toward the flag support at $1,740.
If the bulls fail to protect the $1,740 support, ETH might decline toward the main support at $1,640 and the 50-day simple moving average (blue). Any more losses might call for a test of $1,520.
Overall, Ethereum price is signaling uptrend continuation above the $1,820 and $1,840 resistance levels. If it starts a downside correction, the bulls might take a strong stand near $1,740 and then at $1,640.
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