Ethereum's Price Consolidates Near $1,800, Bulls Aim for $1,850 Resistance
1min read Ethereum's price has shown resilience, with bulls actively pushing for an upward trend. After a downward correction from the $1,850 level, Ethereum is now consolidating near the $1,800 zone, with potential for a move above $1,820. The price is currently trading above $1,780 and the 100-hourly Simple Moving Average, indicating a bullish sentiment. A short-term contracting triangle is forming with resistance at $1,810 on the hourly chart of ETH/USD, suggesting that a break above this level could signal a fresh increase.
Ethereum's price has remained stable above the $1,745 level and has started a fresh increase, similar to Bitcoin. The price climbed back above the $1,800 resistance level before encountering resistance from bears. A high was formed at $1,842, followed by a correction below the $1,820 level. However, bulls remained active near the $1,780 level, preventing further declines. The price is now facing hurdles near the $1,810 level, with the next key resistance near the $1,820 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance, with potential for further gains toward the $1,950 resistance zone or even $2,000 in the near term.
If Ethereum fails to clear the $1,850 resistance, it could start a fresh decline. Initial support on the downside is near the $1,780 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 $1,620 support, with potential for further losses toward the $1,600 support level in the near term. The next key support sits at $1,550.
Technical indicators suggest a bullish momentum for Ethereum. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. Major support and resistance levels are at $1,780 and $1,850, respectively. Overall, the technical indicators and price action suggest that Ethereum is poised for an upward trend, with bulls actively pushing for gains above the $1,850 resistance level. However, a failure to clear this resistance could lead to a fresh decline, with support levels at $1,780 and $1,750. 
