Ethereum Price Holds Strong As Indicators Suggest High Chances of Fresh Rally

Ethereum Price Holds Strong As Indicators Suggest High Chances of Fresh Rally

March 31, 2023

Ethereum price is showing positive signs above the $1,780 resistance against the US Dollar. ETH might soon rally if it clears the $1,850 resistance zone.

  • Ethereum is showing positive signs above the $1,760 and $1,780 levels.
  • The price is trading above $1,785 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further if it clears the $1,825 resistance zone.

Ethereum Price Remains Supported

Ethereum price remained strong above the $1,750 support zone. ETH climbed higher and attempted an upside break above the $1,840 resistance zone. However, there was no clear move above $1,840, unlike bitcoin.

The price traded as high as $1,828 before there was a downside correction. There was a move below the $1,800 level, but the price stayed above the $1,750 support zone. A low is formed near $1,762 and the price is now rising.

Ether price is trading above $1,785 and the 100 hourly simple moving average. It is also trading above the 61.8% Fib retracement level of the recent decline from the $1,828 swing high to $1,762 low. Besides, there is a connecting bullish trend line forming with support near $1,780 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,815 level. It is near the 76.4% Fib retracement level of the recent decline from the $1,828 swing high to $1,762 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,825 zone. A clear move above the $1,825 resistance zone might start a strong increase. The next major resistance might be $1,880. Any more gains could set the pace for a test of the $1,920 resistance, above which the price could rise towards the $2,000 resistance zone.

Another Drop in ETH?

If ethereum fails to clear the $1,825 resistance, it could start a downside correction. An initial support on the downside is near the $1,785 level and the trend line.

The next major support is near the $1,745 zone, below which ether price might decline towards the $1,720 level. The main support is now near the $1,695 zone. If there is a break below $1,695, the price might resume its decline towards $1,620.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,745

Major Resistance Level – $1,825

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