ETH Extends Rally Above $1800 But Remains Attractive Near $1750

ETH extends rally above $1800 resistance against the US dollar with the price now correcting lower from $1840 but could find more bids near $1750 as we can see more in today’s Ethereum news.

Ethereum remained in a positive zone and pumped above the $1800 resistance with the price now well above the $1750 support and the hourly simple moving average. There’s a major bullish trend line that is forming near the support at 20 on the hourly chart of the pair that could correct lower if the bulls don’t protect the 50 level.
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ETH started a steady increase above $1750 resistance similar to BTC. It then broke the $1780 and the $1800 resistance to moving into the positive zone.

The price cleared the $1820 level and settled above the 100 hourly simple moving average after trading as high as $1840 before starting a downside correction. There was a break below the $1820 and the $1800 levels so now ETH is trading below the 23.6% fib retracement level from the upwards move of $1663 low to $1840 high. On the downside, there are plenty of support levels that start with $1750 with another major bullish trend line that is forming with the support near $1720 on the hourly chart of the ETH/USD.

Looking at the upside, the bulls are going to face more hurdles near $1850 but if there’s a successful close above this level, the price could surge higher in the upcoming sessions. In this case, the price will visit the $1920 and the $1950 levels as well. If ETH fails to climb higher, it will correct lower and the initial support will be near $1750. The 50% fib retracement level from the upwards move of $1663 low to $1840 high is also near the $1750 level.

The next major support is also close to the $1720 level as the trend line and the 100 hourly simple moving average but more losses could open the door towards $1650. The hourly MACD for the pair is losing momentum in the bullish zone as ETH extends rally above $1800 and the RSI is dropping towards 50 level.

As reported recently, The price was above the $1650 resistance and the 100 hourly simple moving average with the key bullish trend line forming close to the support near $1675 on the hourly charts of the pair that will start a strong rally if it manages to clear the break above $1730.