Ethereum price is facing resistance below the crucial $1,840 level in its battle against the US Dollar. However, there are positive indicators that suggest ETH might experience a substantial increase if it manages to surpass the $1,840 and $1,850 marks.
After finding support around the $1,780 range, Ethereum's price embarked on an upward trajectory. Similar to Bitcoin, ETH successfully surpassed the resistance levels at $1,800 and $1,820.
The price of Ethereum made a notable climb, almost reaching the resistance at $1,840. Unfortunately, this prompted bearish activity, resulting in a high around $1,835. Currently, Ether is consolidating its gains above $1,800 and the 100-hourly Simple Moving Average.
Within the consolidation phase, Ethereum is encountering the 23.6% Fib retracement level, connected to its upward movement from the swing low of $1,782 to the high of $1,834. The $1,830 mark represents immediate resistance, and an important bearish trend line is forming with resistance around that level on the hourly chart of ETH/USD.
Should Ethereum successfully overcome the $1,840 resistance, it has the opportunity to gain bullish momentum and climb towards $1,850. Furthermore, if the price manages to surpass the $1,880 resistance level, it could surge towards $1,920. Additionally, breaching the $1,920 resistance zone might instigate a significant increase, potentially targeting the $2,000 resistance level.
The fluctuation in Ethereum's price and its battle with resistance levels holds significance in the forex market. Forex traders who are actively involved in ETH/USD trading pairs are closely monitoring these price movements. The break above key resistance levels, such as $1,840 and $1,850, can trigger increased trading activity and potentially lead to favorable forex trading opportunities. Traders may analyze technical indicators like the MACD and RSI to gauge market sentiment and make informed decisions regarding their forex positions involving Ethereum. Monitoring the support and resistance levels, such as $1,800 and $1,850, is essential for traders looking to identify potential entry and exit points in the market.