Ethereum found support near $1,735 and declined higher against the US Dollar. ETH is now facing major resistance near the $1,885 and $1,920 levels.
- Ethereum is gaining momentum and trading above $1,850.
- The price is now trading above $1,860 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could turn bullish if there is a clear move above the $1,920 resistance area.
Ethereum price climbs higher
Ethereum moved below the $1,760 support area. However, ETH continued to bid well above the $1,720 level. A low was formed near $1,734 and a fresh increase in the price was started.
There was a clear move above the $1,800 and $1,820 levels. There was also a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD. Ether price is now trading above $1,860 and the 100 hourly simple moving average.
It is now trying to move above the 50% Fib retracement level of the downside swing from the $2,015 high to $1,734 low. On the upside, an initial resistance is near the $1,885 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,910 and $1,920 levels. It is near the 61.8% Fib retracement level of the downside bias from the $2,015 high to $1,734 low. A clear move above the $1,920 resistance could start a decent rise. In the stated case, the price may revisit $2,000. Any higher gains could set the pace for a major upward move, which could be towards $2,120.
Dips Limited in ETH?
If Ethereum fails to rise above the $1,920 resistance, there could be a downside correction. On the downside, an initial support is near the $1,840 area and a broken trend line.
The next major support is near the $1,800 level and the 100 hourly simple moving average. A clear move below the $1800 level could lead to a major decline. The next major support is likely to be $1,760. Any further losses could send the price towards the $1,735 level in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is now gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now in overbought territory.
Key Support Level – $1,800
Key Resistance Level – $1,920