Ethereum (ETH) At Key Juncture; Can Bulls Thrive?

  • Ethereum launched an uptrend beyond $1.8K and $1,820.
  • ETH trades beyond $1,820 and 100hourly Simple Moving Average.
  • Also, ETH broke past a critical bearish line with resistance at $1,820 on its 1hr chart.
  • Ethereum should overcome $1.9K and $1,920 to extend higher.

Ethereum kick-started a recovery wave after forming a base at $1,740. The leading altcoin encounters resistance at $1,900.

Ethereum Ready for Upside Break

Ethereum saw extended leg downs beneath the $1.8K level. Nevertheless, bulls joined around the $1.7K value area. ETH price consolidated at $1,740 before kick-starting a decent upside journey. Impressive upticks pushed the altcoin well beyond the resistance at $1.8K.

Ethereum rose past the 50% Fibonacci retracement region of the drop from the swing high of $1,910 to $1.7K. Moreover, ETH/USD 1hr chart showed a break past a massive bearish line with $1,820 resistance.

For now, the price hovers well past $1,820 and 100hr Simple Moving Average. Furthermore, the pair consolidates beyond the 76.4% Fibonacci retracement of the $1,910 – $1,700 move. The leading alt battles the immediate resistance at $1,900.

Conquering this zone would clear the road to the crucial resistance at $1,920, beyond which Ether could kick-start an impressive surge. That might see the altcoin climbing towards the $2,000 resistance. Further gains would likely propel ETH to the primary obstacle at $2,085.

More Ethereum Declines?

Ethereum might start another downside retracement if it fails to steady beyond $1,920. The nearest support floor to the downside sits near $1,840. Further downswings will discover a footing at $1,820 and the 100hourly Simple Moving Average.

Losing this support might welcome another sharp drop for Ethereum. That might see the alt revisiting the support at $1,720 in the short time. Meanwhile, a stable foothold sits at $1,700.

Bulls dominate the crypto space after gaining momentum overnight. Bitcoin overpowered the $30,000 hurdle following a 5.55% 24hr gain. While publishing this post, BTC traded at $30,623.

Closing beyond the $30,600 mark can trigger steady surges in the near term. That would translate to bearish actions in the altcoin space. Ethereum will likely take advantage of such an atmosphere to accomplish its upside objectives.