TA: Ethereum Eyes Strong Reversal, Why Dips Could Be Limited

Ethereum is showing positive signs above $1,720 against the US Dollar. ETH could start a strong increase if there is a clear move above the $1,850 resistance. Ethereum remained well supported above the $1,720 support zone. The price is now trading below $1,820 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a strong increase if there is a clear move above the $1,850 resistance zone. Ethereum Price Holds Support Ethereum remained well supported above the $1,720 support zone. A base was formed near $1,725 and there was a fresh increase. The price spiked above the $1,800 resistance level and the 100 hourly simple moving average. However, the price struggled to gain pace above the $1,850 level. A high was formed near $1,875 and the price corrected gains. It is now consolidating above the $1,770 level. The recent low was formed near $1,753 before the price climbed above $1,780. Ether price is now trading below $1,820 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $1,810 level. There is also a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,875 swing high to $1,753 low. Source: ETHUSD on TradingView.com The next majo...