Ethereum's Price Shows Resilience, Consolidates Near $1,800

Ethereum's price has shown resilience, with a recent downside correction below the $1,780 level. The cryptocurrency is currently consolidating near the $1,800 zone, with potential for an upward move above $1,820. Ethereum traded as low as $1,746 but managed to climb back above the $1,770 resistance level, indicating a bullish sentiment.

Despite the upward momentum, Ethereum faced rejection near the 50% Fibonacci retracement level of the downward move from the $1,857 swing high to the $1,746 low. A connecting bearish trend line is forming with resistance at $1,815 on the hourly chart of ETH/USD. The price is currently trading above $1,770 and the 100-hourly Simple Moving Average, with the next key resistance near the $1,820 level.

If Ethereum can clear the $1,820 resistance, it could potentially send the price toward the $1,850 resistance. A clear move above the $1,850 resistance might push the price toward the $1,920 resistance. An upside break above the $1,920 resistance could call for more gains, with Ether potentially rising toward the $1,950 resistance zone or even $2,000 in the near term.

However, if Ethereum fails to clear the $1,820 resistance, it could start a fresh decline. Initial support on the downside is near the $1,770 level, with the first major support sitting near the $1,750 zone. A clear move below the $1,750 support might push the price toward the $1,650 support, with any more losses potentially sending the price toward the $1,620 support level in the near term. The next key support sits at $1,550.

Technical indicators suggest a bullish momentum for Ethereum, with the MACD for ETH/USD gaining momentum in the bullish zone and the RSI for ETH/USD now above the 50 zone. The major support level is at $1,770, while the major resistance level is at $1,820. Overall, Ethereum's price shows resilience, with potential for an upside break ahead.