Ethereum (ETH) Price Analysis: Bulls Eye $1,850 as $1,760 Holds
The price of Ethereum (ETH) is testing a key support level at $1,760 as of writing. The bulls are attempting to defend this level, which is crucial for the continuation of the uptrend. If the support holds, the next target for the bulls would be the $1,850 resistance level.
The ETH/USD pair has been trading within an ascending channel since the beginning of the year. This channel has provided support and resistance levels for the price to bounce off of. The current price action is testing the lower bound of the channel, which is also the 50-day moving average (DMA).
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The Relative Strength Index (RSI) on the daily chart is currently at 48.2, indicating that the market is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is also indicating a neutral sentiment, with the signal line just above the zero line.
The bulls need to overcome the $1,850 resistance level to gain momentum and target the $2,000 psychological level. If the support at $1,760 fails to hold, the bears could take control and push the price down to the $1,680 level, which is the next major support level.
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In the news, the Ethereum network is undergoing a series of upgrades, including the implementation of the Ethereum 2.0 Beacon Chain. This upgrade is expected to improve the scalability and efficiency of the network, which could positive impact the price of ETH.
Meanwhile, the United States Securities and Exchange Commission (SEC) is considering whether to approve a Bitcoin ETF, which could provide a significant boost to the entire crypto market, including ETH.
In conclusion, the ETH/USD pair is currently testing a key support level at $1,760. The bulls are attempting to defend this level and continue the uptrend. The next target for the bulls would be the $1,850 resistance level. However, if the support fails to hold, the bears could take control and push the price down to the $1,680 level. The implementation of the Ethereum 2.0 Beacon Chain and the potential approval of a Bitcoin ETF could provide additional tailwinds for ETH.
新闻资讯：
1、Ethereum network upgrades, including the implementation of the Ethereum 2.0 Beacon Chain, are expected to improve the scalability and efficiency of the network.
2、The United States Securities and Exchange Commission (SEC) is considering whether to approve a Bitcoin ETF, which could positive impact the entire crypto market, including ETH.
3、The price of ETH is currently testing a key support level at $1,760, with the bulls attempting to defend this level and continue the uptrend.
