Key Takeaways:
- Ethereum price is still struggling to clear the $1,850 resistance zone.
- ETH/USD broke a major contracting triangle with resistance near $1,760 on the 4-hours chart.
- The price could increase strongly if it clears the $1,850 resistance zone.
Ethereum’s ETH is moving higher above $1,750. The price could rally if there is a close above $1,840 and then $1,850.
Ethereum Price (ETH) Eyes Major Upside Break
Ethereum and Bitcoin corrected lower and tested key range support against the US dollar this past week. The ETH/USD pair traded as low as $1,687 and remained stable near the $1,700 zone.
Recently, the price increased above the $1,720 and $1,730 levels. The price cleared a major contracting triangle with resistance near $1,760 on the 4-hours chart. The bulls even pumped the price above the $1,800 level and the 50 simple moving average (4 hours, blue).
However, the bears are still active near the main range resistance at $1,850. A high is formed near $1,827, and the price is now consolidating gains.
There was a minor downside correction below the $1,800 level. Ethereum price spiked below the 23.6% Fib retracement level of the upward move from the $1,687 swing low to the $1,827 high. It is now stable above the $1,775 level and the 50 simple moving average (4 hours, blue).
Immediate resistance is near the $1,825 level. The first major resistance is near the $1,850 zone. A close above the $1,850 resistance might send the price further higher. The next major resistance is near the $1,920 level. A successful close above the $1,920 zone may set the pace for a test of the $2,000 resistance zone.
Another Failure?
Conversely, the Ethereum price might fail to clear the $1,850 resistance zone. In the stated case, it could correct lower. Immediate support on the downside sits near the $1,775 level.
The next major support is near the $1,740 level or the 61.8% Fib retracement level of the upward move from the $1,687 swing low to the $1,827 high. If a move is below $1,740, there is a risk of an extended decline.
In this scenario, the price may perhaps test the $1,685 support. Any more losses below $1,685 could send the price toward the $1,620 zone.
Overall, Ether’s price attempts an upside break above the $1,850 resistance zone. If it remains stable above the 50 simple moving average (4 hours, blue), it could rally toward $2,000. Conversely, the price might correct lower and test $1,740.
The post Ethereum Price Stuck In Crucial Range, Here’s What Could Propel It To $2K appeared first on CoinChapter.
