{"id":25591,"date":"2023-06-19T04:55:14","date_gmt":"2023-06-19T08:55:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25591"},"modified":"2023-06-19T04:55:14","modified_gmt":"2023-06-19T08:55:14","slug":"ethereum-price-prints-bullish-technical-pattern-why-close-above-1780-is-critical","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/19\/ethereum-price-prints-bullish-technical-pattern-why-close-above-1780-is-critical\/","title":{"rendered":"Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,780 Is Critical"},"content":{"rendered":"

Ethereum price is recovering above $1,700 against the US Dollar. ETH could continue to move up if it clears the $1,780 resistance zone.<\/em><\/p>\n

Ethereum was able to climb above the $1,700 and $1,720 resistance levels.
\nThe price is trading above $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,720 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further above the $1,750 and $1,780 resistance levels.<\/p>\n

Ethereum Price Attempts Recovery<\/h2>\n

Ethereum\u2019s price was able to form a support base above the $1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin<\/a>.<\/p>\n

Besides, there was a break above a major bearish trend line with resistance near $1,720<\/a> on the hourly chart of ETH\/USD. The bulls even pushed the price above the $1,750 resistance and the 100-hourly Simple Moving Average. It tested the $1,770 level. A high is formed near $1,768 and the price is now correcting gains.<\/p>\n

There was a move below the $1,750 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high.<\/p>\n

It is now trading above $1,700 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.<\/p>\n\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The main resistance is near $1,780. A proper move above the $1,770 and $1,780 resistance levels might start a steady recovery wave. The next resistance sits near $1,820, above which Ethereum could rise toward the $1,850 level. Any more gains above the $1,850 resistance zone might send the price toward the $1,920 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,710 level.<\/p>\n

The next major support is near the $1,675 level or the 61.8% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high. If there is a break and close below the $1,675 support, the price could dive toward the $1,620 support. Any more losses may perhaps send the price toward the $1,550 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,675<\/p>\n

Major Resistance Level \u2013 $1,780<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is recovering above $1,700 against the US Dollar. ETH could continue to move up if it clears the $1,780 resistance zone.<\/em><\/p>\n

Ethereum was able to climb above the $1,700 and $1,720 resistance levels.
\nThe price is trading above $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,720 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further above the $1,750 and $1,780 resistance levels.<\/p>\n

Ethereum Price Attempts Recovery<\/h2>\n

Ethereum\u2019s price was able to form a support base above the $1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin<\/a>.<\/p>\n

Besides, there was a break above a major bearish trend line with resistance near $1,720<\/a> on the hourly chart of ETH\/USD. The bulls even pushed the price above the $1,750 resistance and the 100-hourly Simple Moving Average. It tested the $1,770 level. A high is formed near $1,768 and the price is now correcting gains.<\/p>\n

There was a move below the $1,750 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high.<\/p>\n

It is now trading above $1,700 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.<\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The main resistance is near $1,780. A proper move above the $1,770 and $1,780 resistance levels might start a steady recovery wave. The next resistance sits near $1,820, above which Ethereum could rise toward the $1,850 level. Any more gains above the $1,850 resistance zone might send the price toward the $1,920 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,710 level.<\/p>\n

The next major support is near the $1,675 level or the 61.8% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high. If there is a break and close below the $1,675 support, the price could dive toward the $1,620 support. Any more losses may perhaps send the price toward the $1,550 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,675<\/p>\n

Major Resistance Level \u2013 $1,780<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25591","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25591"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25591\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25591"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}