Ethereum found support near $1,735 and corrected higher against the US dollar. ETH is now facing significant resistance near $1,885 and $1,920.
- Ethereum is slowly moving higher and is trading above $1,850.
- The price is now trading above $1,860 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may rise steadily if there is a clear movement above the resistance area at $1,920.
Ethereum price hike
Ethereum rose down $1760 support area. However, ETH has remained well above the $1,720 level. A bottom was formed near $1,734 and the price started a new increase.
There was a clear move above the $1,800 and $1,820 levels. Besides, there was a break above the major downtrend line with resistance near $1,840 on the hourly chart of ETH/USD. Ether price is now trading above $1,860 and 100-hour simple moving average.
It is now trying to move above the 50% Fib retracement level of the downside move from the swing high of $2,015 to $1,734. On the upside, there is an initial resistance 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% Fibonacci retracement level of the downside move from the $2015 swing high to $1,734. A clear move above the resistance at $1,920 might start an appropriate rally. In the aforementioned case, the price can return a visit of $2000. Any further gains may set the pace for a larger increase, possibly towards $2,120.
Dips Limited in ETH?
If Ethereum fails to rise above the resistance at $1,920, there may be a downside correction. There is initial support on the downside near the $1,840 area and the broken trendline.
The next major support is near the $1800 level and the 100 hourly simple moving average. A clear move below the $1800 level could trigger a significant decline. The next major support might be $1,760. Any further losses could lead the price towards the $1,735 level in the near term.
MACD per hour – ETH/USD’s MACD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now in the overbought territory.
Key Support Level – $1800
Key Resistance Level – $1,920