Ethereum Price Holds Strong As Indicators Suggest High Chances of Fresh RallyMarch 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.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,745
Major Resistance Level – $1,825
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