Ethereum Price Breaking This Confluence Resistance Could Spark Fresh Surge

2023-11-03 04:33:42

Ethereum price corrected lower from the $1,875 zone against the US dollar. ETH retested the $1,780 zone and might soon attempt a fresh surge.

Ethereum holds the key support at $1,780 and $1,750.
The price is trading below $1,820 and the 100-hourly Simple Moving Average.
There was a break above a steep bearish trend line with resistance near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase toward the $1,850 and $1,875 resistance levels.

Ethereum Price Revisits Uptrend Support

Ethereum attempted a fresh increase above the $1,850 resistance but upsides were limited, like Bitcoin. ETH traded as high as $1,874 and recently started a downside correction.

There was a move below the $1,850 and $1,820 levels. The price even spiked below the $1,800 level and the 100-hourly Simple Moving Average. It retested the $1,780 support zone. A low is formed near $1,777 and the price is now attempting another increase.

There was a break above a steep bearish trend line with resistance near $1,795 on the hourly chart of ETH/USD. Ethereum is now trading near the 23.6% Fib retracement level of the recent drop from the $1,874 swing high to the $1,777 low.

On the upside, the price is facing resistance near the $1,810 level and the 100-hourly Simple Moving Average. The first major resistance sits at $1,825 or the 50% Fib retracement level of the recent drop from the $1,874 swing high to the $1,777 low.

Source: ETHUSD on TradingView.com

If ETH surpasses the $1,825 resistance, it could again start a steady increase and test $1,875. The next key resistance is near $1,920, above which the price could accelerate higher toward the $2,0000 level. Any more gains might call for a move toward the $2,050 level.

More Losses in ETH?

If Ethereum fails to clear the $1,825 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level or the recent low.

The next key support is $1,750. A downside break below the $1,750 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 bearish zone.

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

Major Support Level – $1,780

Major Resistance Level – $1,825

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