Ethereum Price Uptrend To Continue? These Could Be The Factors To Watch

2023-10-31 04:52:58

Ethereum price is slowly moving higher toward the $1,850 resistance against the US dollar. ETH must clear $1,820 and $1,850 to continue higher.

Ethereum is still facing a major hurdle near the $1,850 zone.
The price is trading above $1,780 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $1,820 resistance.

Ethereum Price Eyes Fresh Increase

Ethereum remained in a range below the $1,850 resistance. There was a minor decline, but ETH remained supported above the $1,750 zone, like Bitcoin.

The price is now moving higher above the $1,780 level. There was a break above the 50% Fib retracement level of the upward move from the $1,865 swing high to the $1,741 low. There is also a key rising channel forming with support near $1,790 on the hourly chart of ETH/USD.

Ethereum is now trading above $1,780 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 upward move from the $1,865 swing high to the $1,741 low.

A clear move above the $1,820 resistance could send Ether toward the main hurdle at $1,850. A close above the $1,850 resistance could start a decent increase. In the stated case, the price could rally toward $1,920.

Source: ETHUSD on TradingView.com

The next key resistance is near $1,950, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,000 level. The main hurdle sits at $2,040.

Another Drop in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another decline. Initial support on the downside is near the $1,790 level, the 100-hourly Simple Moving Average, and the trend line.

The next key support is $1,750. A downside break below the $1,750 support might trigger more bearish moves. In the stated case, Ether could drop toward the $1,700 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 below the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,820

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