Ethereum Hovers Between Support and Resistance Levels

Ethereum is currently trading at $1826 with a positive change of +1.13% in the past 24 hours. The Relative Strength Index (RSI) is at 56, indicating moderate buying pressure. The 1-hour timeframe Fibonacci retracement levels are at 1812 (0%), 1829 (0.5%), and 1847 (1%), respectively. The upper Bollinger band is at 1831, the lower Bollinger band is at 1818, and the middle Bollinger band is at 1825. The Volume oscillator is at -24%, while the Moving Average Convergence Divergence (MACD) is at +3.81. The Stochastic oscillator is at 46, and the Hourly Exponential Moving Average (EMA) 50 is at 1813. The On-Balance Volume (OBV) is at 3.781M. The 24-hour high is at 1847, and the 24-hour low is at 1804.

Bullish scenario: If the price of Ethereum breaks above the upper Bollinger band and the 1-hour timeframe Fibonacci retracement level of 0.5% at 1829, it could indicate a bullish move towards the 1-hour timeframe Fibonacci retracement level of 1% at 1847. Additionally, if the MACD line crosses above the signal line and the Stochastic oscillator crosses above the oversold level of 20, it could further confirm a bullish trend. In this scenario, the price of Ethereum could potentially reach its resistance level at 1847.

Bearish scenario: If the price of Ethereum breaks below the lower Bollinger band and the 1-hour timeframe Fibonacci retracement level of 0% at 1812, it could indicate a bearish move towards the 1-hour timeframe Fibonacci retracement level of 0.5% at 1829. Additionally, if the MACD line crosses below the signal line and the Stochastic oscillator crosses below the overbought level of 80, it could further confirm a bearish trend. In this scenario, the price of Ethereum could potentially reach its support level at 1804.

Local support: $1804
This is the 24-hour low and could potentially act as a support level if the price of Ethereum continues to drop.

Solid support: $1812
This is the 1-hour timeframe 0% Fibonacci retracement level and could potentially act as a solid support level if the price of Ethereum drops further. Additionally, the Hourly EMA 50 at 1813 could also act as a solid support level.

Local resistance: $1829
This is the 1-hour timeframe 0.5% Fibonacci retracement level and could potentially act as a resistance level if the price of Ethereum tries to move higher.

Solid resistance: $1831
This is the upper Bollinger band and could potentially act as a solid resistance level if the price of Ethereum tries to move higher. Additionally, the 1-hour timeframe 1% Fibonacci retracement level and 24-hour high at 1847 could also act as a solid resistance level.