Ethereum is trapped below the $1825 level and is facing a strong resistance near the $1825 and the $1830 levels against the US dollar with the price remaining stable above the 100 hourly SMA in the near-term so let’s read more in today’s Etheruem price news.
ETH seems to be having a hard time clearing the $1825 resistance levels and the price is now trading below $1800 as Ethereum is trapped here, but it is above the 100 hourly simple moving average. There’s a major bullish trend line forming with the support at $1775 on the hourly chart of the pair and the pair is likely to remain in the range above the $1700 support zone of $1650 in the near-term. ETH made another attempt of clearing the $1825 resistnace but then failed and ETH formed a new high of $1818 level with a fresh new decline later on.
Bitcoin’s price was able to clear the $48,000 level and traded to a new all-time high near the $48,680 with the price now trading well below the $1800 level but is above the 100 hourly simple moving average. It traded below the 23.6% fib retracement level from the recent wave at the $1682 swing low to the $1818 high with the immediate support nearing the $1750 level but there’s also a major bullish trend line forming with the support at $1755 on the hourly charts of the pair.
On the upside, the price is facing plenty of hurdles starting with the $1800 level with the first major resistance being set at the $1825 level and a new close above $1825 level with a follow up more of $1830 being able to initiate a strong increase in the next few sessions. In this case, the price could rise towards $1880. If ETH fails to clear the $1800 and the $1825 resistances, it could go down slightly and on the downside, the first major support is near the $1750 levels and the trend line.
The main support is close to the $1735 zone and the 100 hourly simple moving average so it is close to the 61.8% fib retracement level from the recent wave at $1682 swing low to 41818 high. The close below the 100 hourly SMA could push the price to $1680 support or higher. The MACD for the pair is gaining momentum in the bearish zone while the hourly RSI is below 50.
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