• Ethereum (ETH) is trading above the $1,800 support level and the 50-day simple moving average.
• ETH/USD must stay above $1,960 to trigger a new rally.
• A close below the $1,720 level could push the price towards the $1,550 support.
Ethereum Price Above Crucial Support Level
Ether’s price is holding major support at $1,800 and the 50-day simple moving average. The bulls provided support near this level and prevented more losses.
ETH/USD Could Start Fresh Rally Above Key Resistance
ETH/USD traded below a key bullish trend line with support at $1,930 on the daily chart. To start a fresh increase in the coming sessions, Ethereum must stay above a crucial resistance of $1,960. A clear move above this level could spark further gains toward $$2,060 and then towards $$2,150.
Downside Risk For Ether’s Price
If there is no upside break above $1,960 for Ethereum in the coming days, it could resume its decline towards $1,720 or even lower to test the next major support of $$1,550.
Support Levels For ETH/USD
The immediate support for Ethereum is near the 50-day SMA and around $$1,800. If there are any more losses from this point on wards then traders should watch out for another strong buying opportunity near $$1720 level as well as keep an eye on Bitcoin’s performance which can have an impact on Ether’s price movement as well.
Conclusion
Overall Ether’s price is holding significant support at $$1800 and if it manages to clear a crucial resistance of $$1960 then we might see some fresh bullish momentum in its prices over the coming weeks or months depending upon how Bitcoin performs in that period of time as well.