Ethereum extended its rise and traded to a new all-time high at $1,830 against the US Dollar. ETH price is trading in a positive zone and it looks set for more gains towards $1,900.
- Ethereum corrected lower, but it regained strength to set a new all-time high near $1,830.
- The price is now trading well above $1,750 and the 100 hourly simple moving average.
- There is a major ascending channel forming with support near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip in the short-term, but the bulls are likely to aim more gains above $1,850.
Ethereum Price Remains Elevated
After spiking above the $1,800 level, Ethereum started a short-term downside correction (similar to bitcoin). ETH corrected below $1,760, but it remained stable above $1,720.
As a result, there was a fresh increase above the $1,800 level. Ether price even traded to a new all-time high near $1,830 and settled well above the 100 hourly simple moving average. It is now showing positive signs above the $1,800 level.
An initial support is near the $1,790 level. It is close to the 50% Fib retracement level of the recent wave from the $1,755 swing low to $1,830 high. There is also a major ascending channel forming with support near $1,760 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An intermediate support is near the $1,770 level. It coincides with the 76.4% Fib retracement level of the recent wave from the $1,755 swing low to $1,830 high.
On the upside, the price is facing resistance near the $1,830 and $1,850 levels. A proper break above $1,850 might start a steady increase above $1,880. In the stated case, the price may even break the $1,900 level and continue higher towards the $1,950 level.
Dips Supported in ETH?
If Ethereum fails to clear the $1,830 and $1,850 resistance levels, it could correct lower. On the downside, the first major support is near the $1,770 level.
The next major support is near the channel support at $1,760. Any more losses may possibly lead the price towards the $1,700 level and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still well above the 50 level.
Major Support Level – $1,760
Major Resistance Level – $1,850
