Ethereum Bulls Poised: $1875 Resistance Key to Next Leg Up

ETHUSD forms double top around $1875 and showed a minor sell-off. It hits an intraday low of $1816 and is currently trading around $1834.

Overall trend remains bullish as long as support of $1500 remains intact. The key near-term resistance is at $1875 (trend line joining $4109 and $3746) any breach above targets $2000/$2300/ $2500/$2770/$3000/$3400/$3600/$3800/$4000. A robust bullish trend will only materialize above $4100.

Immediate support is around $1675. Any violation below will drag the price down to $1620/$1500/$1200/$1000. A breach below $1000 could see Ethereum plummet to $800/$500.

It is good to buy above $1875 with SL around $1500 for a TP of $2770/$3000.