Ethereum started a new downtrend below the $1,750 level yesterday. Further, the price met support at the level of $1,680 and now buyers are trying to bring this digital currency back above $1,750.
To Report News BTC, Ethereum on September 9 (18 Shahrivar) started a new upward movement, which was accompanied by the price passing through $1,700 and $1,720, but finally the buyers managed to raise the price to the level of $1,800. they did not Before the beginning of the downward correction of Ethereum, the price rose to a peak of $1,788.
The initial support of the 100-hour simple moving average (MA 100 – blue line in the picture) and $1,750 was broken, and the support of the 23.6% Fibonacci corrective level at $1,718 was also lost and the price fell below $1,700. Fell. In this analysis, Fibonacci levels are set based on the upward movement of the price from $1,490 to the peak of $1,788.
However, as can be seen from the chart below, buyers have been active at the $1,680 level, preventing Ethereum from falling to lower levels. The price is now starting to rise, with Ethereum hovering above $1,700 and near the 100-hour simple moving average.
If the market goes up, the first resistance in front of Ethereum will be the level of $1,730, which is located in the same area as the ceiling of the bullish flag pattern on the hourly chart of Ethereum. The next key resistance is the $1,750 level, and a price break above this resistance could pave the way for a continuation of the upward trend to $1,780.
Continued price growth could see Ethereum jump to $1,850 in the short-term, after which Ethereum will have a chance to rally to $1,880.
Conversely, if Ethereum fails to break through the $1,750 resistance, a new bearish correction will begin in the market. In this case, the closest support in front of Ethereum will be the $1,680 level.
The next key support is $1,650, which is near the 50% Fibonacci retracement level. A break of the $1,650 support could also eventually lead to Ethereum falling to $1,600.
The MACD is accelerating in the bullish range and the Relative Strength Index (RSI) is above the middle axis at the 50 level.
As mentioned, $1,680 is the key support for Ethereum, and $1,750 is the main resistance for the price.