Ethereum on a Rise to $1,865; Quick Daily Outlook
Ethereum's price is encountering significant obstacles in surpassing the $1,880 region versus the US Dollar.
Ethereum’s price is encountering significant obstacles in surpassing the $1,880 region versus the US Dollar. Unless it successfully surpasses both $1,880 and $1,900, there is a possibility of a fresh decline in ETH’s value. Despite a recent increase, Ethereum faced resistance at $1,885 and witnessed a decline below $1,875 and $1,870, following a pattern similar to Bitcoin.
Moreover, a crucial bullish trend line with support near $1,870 was broken on the 1-hour timeframe of ETH/USD .
Although the pair tested the $1,850 support and experienced a slight increase, it is now struggling to exceed the same trend line and $1,880. Trading below $1,875 and the 100-hourly Simple Moving Average, Ethereum’s next resistance is near the $1,875 level and the 100 hourly SMA. The 61.8% Fib retracement level of the downward move from the $1,885 swing high to the $1,850 low also adds to the challenge.
Looking ahead, Ethereum must overcome the $1,885 resistance to access the next key resistance at $1,900, potentially leading to a rise towards the $1,950 zone. Further gains could push the price toward the $2,000 hurdle.
However, if Ethereum fails to break the $1,875 resistance, it may experience a fresh decline. Initial support lies near the $1,860 level, followed by the major support at $1,850. A breach below this level may test the $1,820 support zone, with the next significant support at $1,780. Careful observation is essential as Ethereum navigates these critical levels.
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