Ethereum

Resistance

Ethereum price is still struggling to clear the $1,850 resistance against the US dollar. ETH might rally again if it clears $1,820 and $1,850.
<ul>
 <li>Ethereum is still facing a key barrier near the $1,850 zone.</li>
 <li>The price is trading above $1,785 and the 100-hourly Simple Moving Average.</li>
 <li>There is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).</li>
 <li>The pair could extend its increase if it clears the $1,820 resistance.</li>
</ul>
<h2 id="ethereum-price-remains-supported">Ethereum Price Remains Supported</h2>
Ethereum started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-1750/" target="_blank" rel="noopener noreferrer nofollow">slow and steady increase</a> from the $1,740 zone. ETH was able to reclaim the $1,800 resistance zone and avoided a major downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-vulnerable-35k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.
The bulls even pushed the price above the 50% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low. Moreover, there is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,785 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,820 level. It is close to the 61.8% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low.
If ETH surpasses the $1,820 resistance, it could rise toward the key barrier at $1,850. A close above the $1,850 resistance could start a fresh rally. In the stated case, the price could rally toward $1,950.
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.png?resize=1024%2C468" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468"></a>
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a>
The next key resistance is near $2,000, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,120 level. The main hurdle sits at $2,250.
<h2 id="bearish-wave-in-eth">Bearish Wave in ETH?</h2>
If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,800 level, the 100-hourly Simple Moving Average, and the trend line.
The next key support is $1,770. The main support is now forming near the $1,750 and $1,740 levels. A downside break below the $1,740 support might spark a bearish wave. In the stated case, Ether could drop toward the $1,650 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,740
Major Resistance Level – $1,820

Ethereum Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

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