Ethereum Price Sees Technical Correction But Key Uptrend Support Intact – NewsBTC

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Ethereum price rallied following Bitcoin and tested $1,850 against the US dollar. ETH is correcting gains, but the bulls might remain active near $1,750.
Ethereum started a strong increase above the $1,750 resistance. Bitcoin dragged ETH higher toward the $1,850 resistance before the bears appeared.
A high is formed near $1,849 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high. However, the price is still trading in a positive zone.
Ethereum is now trading above $1,750 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high.
Ethereum Price
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,805 level. The first major resistance is near the $1,850 zone. The next key resistance is near $1,880. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,950, above which the price could accelerate higher. In the stated case, Ether could test the main $2,000 barrier. Any more gains might open the doors for a move toward $2,200.
If Ethereum fails to clear the $1,805 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.
The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, Ether could drop toward the $1,720 level. Any more losses may perhaps send Ether toward the $1,700 level and the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,805
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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