ETH Holds Strong But Dips Remain Limited Below $1850

ETH Holds Strong But Dips Remain Limited Below $1850

ETH holds strong but dips remain limited below the $1850 resistance against the US dollar with the price correcting lower from the $1945 but could find bids near $1850 so let’s read more in our latest Ethereum news today.

Ethereum is in a positive zone and it is climbing above the $1900 resistance while the price is now well above the $1850 support and the 100 hourly simple moving average. There’s also a short-term contracting triangle forming near $1915 on the hourly chart of the pair that can correct lower if the bulls fail to protect the $1850. Ethereum started a new increase after breaking the $1850 resistnace similarly to BTC so then ETH surpassed the $1920 resistance and settled above the 100 hourly simple moving average. Right now, ETH Holds strong so far.

ethusd
Source ETHUSD on TradingView.com

The price struggled to continue higher above $1950 but there were two attempts to clear the $1945 level before the bulls failed. A new high was formed near $1946 and the price was correcting lower with a break below the $1920 support level. The price is approaching the $1915 support and there’s also a short-term contracting triangle that is forming with support near $1915 on the hourly chart of the pair. If another downside break occurs, the price could test the 23.6% fib retracement level from the wave of $1769 low to $1946 high. On the upside, the $1945 level is an immediate hurdle, and breaking above it could make way for $2000.

ETHUSD
Source ETHUSD on TradingView.com

More gains could call for a move higher but if ETH fails to climb above $1950 resistance it could correct lower with the initial support nearing the $1905 level. The first major support is near the $1860 level and it is nearing the 50% fib retracement level from the recent wave of $1769 low to $1946 with the main support forming near $1850 below which ETH could drop towards 100 hourly SMA.

As recently reported, Ethereum extended its upward move above the $1820 level and spiked above the $1850 so now the price is well above the $1780 support and the 100 hourly simple moving average. There’s also a key bullish trend line forming with the support near the $1755 on the hourly charts of the pair that will correct lower if the bulls don’t defend the $1750 level. Ethereum remained in a bullish zone near $1750 similar to Bitcoin as the coin broke the $1800 and the $1820 resistance levels to enter the positive zone.