Ethereum has been gradually climbing from the $1,740 zone in recent sessions. ETH managed to reclaim the $1,800 resistance level and avoided a significant downward correction similar to Bitcoin.
Buyers even pushed the price above the 50% Fibonacci retracement level of the decline from the $1,865 high to the $1,740 low. Additionally, a major upward channel is taking shape with support near $1,800 on the hourly ETH/USD chart.
Ethereum is currently trading above $1,785 and the 100-hour simple moving average. On the upside, resistance exists near $1,820. This level coincides with the 61.8% Fibonacci retracement of the pullback from $1,865 to $1,740.
If ETH surpasses $1,820, it could rise toward the key barrier of $1,850. Clearing $1,850 could ignite a fresh uptrend. In this scenario, the price may rally to $1,950.
The next major resistance level sits at $2,000, above which the price could accelerate higher. This could push Ethereum as high as $2,120. Significant hurdles lie at $2,250.
Potential Downward Movement?
Should Ethereum fail to break $1,820, it risks initiating another decline. Initial support lies near $1,800, the 100-hour SMA, and the trend line.
The next key floor is $1,770. Strong floor support has taken shape between $1,750 and $1,740. A breakdown below $1,740 might trigger a bearish wave. In this situation, Ether could slide to $1,650.