Ethereum gained and cleared the resistance at $1,800 against the US Dollar. ETH is rising and may continue to rise towards the $2000 resistance area.
- Ethereum kept doing well above the $1,800 support level and rallied higher.
- The price is now trading above $1,820 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise higher towards the levels of 1980 and 2000 dollars.
Ethereum price eyes more pros
Ethereum Bid remains above $1750 level. ETH gained pace after there was a clear move above the $1,800 resistance area. It even jumped above the $1,880 level.
There was a spike above the resistance at $1,920 and the price was trading as high as $1,943. Recently, there was a downside correction below the $1900 level. Ether price tested the 23.6% Fib retracement level of the recent increase from the $1,655 low to $1,943 high.
However, the price remained bid above the $1,880 level. There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Ether price is now trading above $1,820 and the 100 hourly simple moving average. There is immediate resistance on the upside near the $1,920 level. The first major resistance is near the $1,940 level. A clear move could start above the $1,940 level fixed increase to 2000 dollars. If there are more upsides, the price could rise towards the $2,120 resistance area in the near term.
Dips Limited in ETH?
If Ethereum fails to rise above the $1,940 resistance, it may start a downside correction. There is initial support on the downside near the $1,880 area and the trendline. The next major support is near $1,855.
The main support is near the $1,800 level or the 50% Fib retracement level of the recent increase from the low of $1,655 to the high at $1,943, below which there is a risk of further losses. In the aforementioned case, the price of Ether may decline towards the $1,765 support level. Any further losses may require a test of the $1,720 level.
MACD per hour – MACD for ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1800
Key Resistance Level – $1,940