Ethereum Price Consolidates Above $1,770 with Resistance at $1,820
Ethereum price is correcting below $1,780 and consolidating near the $1,800 zone. Key points include:
- ETH traded below $1,765 but remains above $1,770 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $1,815 on the hourly chart.
- Clearing the $1,820 resistance could lead to a fresh increase in price.
Current Price Trends
ETH price has stabilized above $1,725 and rose from a low of $1,746, surpassing the $1,770 resistance level.
- The price was briefly above the 23.6% Fib retracement level from the $1,857 high.
- Resistance is seen around $1,800, with significant hurdles at $1,850 and $1,920.
- A successful move above $1,850 may target $1,950 or $2,000.
Potential Decline Risks
If ETH fails to break $1,820, it may decline, facing initial support near $1,770 and major support at $1,750.
- A drop below $1,750 could push the price towards $1,650 and potentially $1,620.
- Further losses may see support around $1,550.
Technical indicators show the MACD gaining momentum and RSI above 50.
Major Support Level: $1,770
Major Resistance Level: $1,820