Ethereum price saw swinging moves from the $1,800 support against the US Dollar. ETH is rising again and could point to a retest of the $2,000 resistance.
- Ethereum is showing a lot of strength above the $1,800 support zone.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally further if it breaks above the $1,925 resistance.
Ethereum price remains firm
Ethereum price saw a couple of swing moves from the $1,800 support zone. First, ETH rallied above the $1,900 resistance. However, it faced strong selling interest near $1960 and reacted lower.
There was a sharp 10% drop below $1,900, similar to Bitcoin from $30,000. The price retested the main $1,800 support zone. A low is formed near $1,787 and the price moves higher again. It is trading above $1,850 and the 100 hourly simple moving average.
Ether is also trading above the 61.8% Fibonacci retracement level of the recent drop from the $1,964 high to $1,787 low. Immediate resistance is near the $1,920 zone. Additionally, a connecting bearish trend line is forming with resistance near $1,925 on the hourly chart of ETH/USD.
The trend line is near the 76.4% Fibonacci retracement level of the recent drop from the $1,964 high to $1,787 low. A close above the $1925 level could trigger more moves to the upside.
Fountain: ETHUSD on TradingView.com
In the indicated case, the price could rally towards the resistance of $1960. More gains could send Ether towards the $2,000 resistance, above which the bulls could target a move towards $2,120.
New drop in ETH?
If Ethereum fails to clear the resistance at $1,925, another slide could begin. Initial support on the downside is near the $1,880 level and the 100 hourly simple moving average.
The next major support is near the $1840 zone, below which the price of ether could revisit the $1800 support zone. Any further losses may take the price to $1,720 in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level: $1,880
Highest Resistance Level: $1,925
