Ethereum Surges 3% Above $1,800 Resistance

Ethereum's price has recently shown signs of recovery, with a notable increase above the $1,800 resistance level. This upward movement follows a period of decline where the price tested the $1,750 support zone. The cryptocurrency has since surged past key resistance levels, including $1,800 and $1,810, and is currently trading above the 100-hourly Simple Moving Average. A significant break above a bearish trend line with resistance at $1,820 on the hourly chart of ETH/USD has further bolstered the bullish sentiment.

Despite this positive momentum, Ethereum faces several hurdles on its path to higher prices. The immediate resistance is near the $1,840 level and the 76.4% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low. The next key resistance is at $1,850, with the first major resistance near $1,880. A clear move above the $1,880 resistance could propel the price towards the $1,920 resistance, and potentially even higher to the $2,000 or $2,050 resistance zones in the near term.

However, if Ethereum fails to surpass the $1,850 resistance, it could face a fresh decline. Initial support on the downside is near the $1,820 level, with the first major support sitting near the $1,810 zone. A clear move below the $1,810 support could push the price towards the $1,780 support, and further losses might send it towards the $1,750 support level. The next key support sits at $1,665.

Technical indicators also support the bullish outlook. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These indicators suggest that the bulls may have the upper hand in the near term, but caution is advised as the price approaches key resistance levels. The major support level is at $1,810, while the major resistance level is at $1,850. The outcome of the battle between the bulls and bears at these levels will likely determine the short-term direction of Ethereum's price.