Ethereum Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

2023-11-01 05:27:01

Ethereum price is still struggling to clear the $1,850 resistance against the US dollar. ETH might rally again if it clears $1,820 and $1,850.

Ethereum is still facing a key barrier near the $1,850 zone.
The price is trading above $1,785 and the 100-hourly Simple Moving Average.
There is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its increase if it clears the $1,820 resistance.

Ethereum Price Remains Supported

Ethereum started a slow and steady increase from the $1,740 zone. ETH was able to reclaim the $1,800 resistance zone and avoided a major downside correction, like Bitcoin.

The bulls even pushed the price above the 50% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low. Moreover, there is a major rising channel forming with support near $1,800 on the hourly chart of ETH/USD.

Ethereum is now trading above $1,785 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,820 level. It is close to the 61.8% Fib retracement level of the downside correction from the $1,865 swing high to the $1,740 low.

If ETH surpasses the $1,820 resistance, it could rise toward the key barrier at $1,850. A close above the $1,850 resistance could start a fresh rally. In the stated case, the price could rally toward $1,950.

Source: ETHUSD on TradingView.com

The next key resistance is near $2,000, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,120 level. The main hurdle sits at $2,250.

Bearish Wave in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,800 level, the 100-hourly Simple Moving Average, and the trend line.

The next key support is $1,770. The main support is now forming near the $1,750 and $1,740 levels. A downside break below the $1,740 support might spark a bearish wave. In the stated case, Ether could drop toward the $1,650 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $1,740

Major Resistance Level – $1,820

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