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24/04/25
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Ethereum Breaks $1,750: Eyes on $1,840 Resistance Amid Consolidation Phase
Ethereum has embarked on a notable upward trajectory, recently surpassing the $1,750 level. As it currently consolidates these gains, the cryptocurrency may set its sights on breaking through the $1,840 resistance level.
Having remained robust above the $1,650 level, Ethereum’s price has surged past both the $1,700 and $1,720 levels. The momentum intensified as it crossed the $1,750 barrier, and even briefly peaked above the $1,800 level, reaching a high of $1,834. However, after this spike, the price entered a consolidation phase, which saw a retracement towards the 23.6% Fibonacci level related to the recent upward movement, measuring from the swing low of $1,565 to the peak of $1,834.
Currently, Ethereum trades above $1,720 and the 100-hourly Simple Moving Average, with a bullish trend line in place showing support at around $1,780. While the price faces obstacles near the $1,820 level, breaking through this could pave the way to the next resistance level at $1,840. Should Ethereum manage to clear the $1,880 resistance, it could potentially escalate towards $1,920.
If Ethereum continues its upward momentum and surpasses the $1,920 resistance, there is potential for further gains, potentially leading the price toward the $1,950 region or even reaching the $2,000 level soon.
Conversely, if the price struggles to break the $1,820 barrier, it may result in a decline. The immediate support is seen at $1,780, with further significant support located at $1,740. A dip below this level could set the stage for a drop towards $1,700 or the 50% Fibonacci retracement level of the previous upward movement. If losses persist, the price could approach the $1,665 mark, with another key support zone lying around $1,620.
Overall, the current technical indicators suggest a loss of momentum in the bullish phase, while the Relative Strength Index remains above the neutral 50 level, indicating potential for continued volatility in the near term.
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