Ethereum started a significant increase above $1,800 against the US Dollar. ETH is rising and may continue to rise towards the $2000 resistance area.
- Ethereum found support near $1,680 and started a fresh increase.
- The price is now trading above $1800 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising higher towards $1.950 and $2000 levels.
Ethereum price up 12%
Ethereum supply has remained well above the $1,650 level. ETH formed a base and started a file new increase Above the $1750 resistance area. The bulls pumped the price above the $1800 level.
The price surged higher and broke the resistance at $1,850. Finally, there was a move above the $1900 level and the price settled above the 100 hourly simple moving average. A top formed near $1,919 and the price is now consolidating its gains.
It is now trading well above $1800 and Simple moving average per 100 hours. Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to $1,919 high.
Source: ETHUSD on TradingView.com
There is immediate resistance on the upside near the $1,920 level. The first major resistance is near the $1,950 level. A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls continue to move, the price could rise towards the $2,120 resistance area in the near term.
Support dips in ETH?
If Ethereum fails to rise above the $1,920 resistance, it may start a downside correction. There is initial support on the downside near the $1,850 region. The next major support is near $1800.
The main support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to the high at $1,919, below which there is a risk of a sharp decline. In the aforementioned case, the price of Ether may fall towards the $1,750 support level. Any further losses may require a test of the $1,700 level.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 65 level.
Major Support Level – $1,780
Key Resistance Level – $1,920