Ethereum price prediction: Bulls are active and holding ETH above $1,820
Ethereum price prediction: Bulls are active and holding ETH above $1,820
Ethereum has formed a solid base above the $1,780 level and has recently begun a steady rise. Like the major cryptocurrency, Bitcoin, ETH is moving at a steady pace in a bullish direction above the $1,820 resistance area.
The bullish sentiment is seen following the Federal Reserve's decision to keep interest rates unchanged at 5.25%-5.50%.
Meanwhile, Ethereum co-founder Vitalik Buterin's report of transferring 100 ETH to Coinbase is causing concern in the crypto community, which treated it with a dose of skepticism. Not all experts believed that Buterin's main transactions were aimed at charity.
On the hourly chart of the ETH/USD pair, a breakout above the key descending channel was recorded near the $1,818 level. After that, the pair went on a bullish run and broke through the main barrier at the $1,850 mark.
As a result, the price briefly hit a new high of $1,875 and is currently consolidating its gains.
At the time of writing, Ethereum is trading at $1,833.19, up 1.7% in the last 24 hours.
On the chart, the pair is holding above the $1,820 level and the 100-hour simple moving average.
Ethereum may encounter resistance at the $1,875 level. If the pair is able to breach this point, it will begin a steady rise to $1,920. If it manages to break through, it will head towards the next major resistance level at $1,950. After that, the price of Ethereum may accelerate towards the $2,000 and $2,050 levels. In an optimistic scenario, the price may even conquer the $2,120 level.
A decline in the price of Ethereum is possible if the pair fails to overcome the resistance at $1,875, and then a downward correction will begin. The first support for the decline will be near the $1,850 level, and the next support will be at the $1,820 level, or the 61.8% Fibonacci retracement level.
Major support for the pair is forming on the chart near the $1,800 mark and the 100-hour simple moving average. A break below this level could trigger a bearish wave. In this case, ETH could fall as low as $1,750.
Meanwhile, BTC trades above $35,000.
