Ethereum Price Surges Past $1,800, Targets $1,880 Resistance

Ethereum Price Update

Ethereum has increased above $1,750 and is currently targeting the $1,880 resistance zone.
It is trading above $1,800 and the 100-hourly Simple Moving Average.
A short-term contracting triangle is forming with resistance at $1,860 on the ETH/USD hourly chart.
A breakout above $1,880 could lead to further gains.

Ethereum price shows resilience above $1,720, climbing past $1,780 and $1,800. The recent high reached $1,872, with some consolidation following a minor decline. The price tested the 23.6% Fibonacci retracement level of the upward move from the $1,733 low to the $1,872 high. Key levels include:

Next resistance around $1,880.
First major resistance near $1,920, which may propel the price to $1,950 and potentially $2,000 or $2,050.

If Ethereum cannot surpass $1,880, it may decline. Key support levels are:

Initial support near $1,840.
Major support at $1,800 and the 50% Fibonacci retracement level.
Further declines could target $1,765 and then $1,720, with critical support at $1,650.

Technical indicators show:

Hourly MACD gaining momentum in the bullish zone.
Hourly RSI above 50.