Ethereum price is picking up pace above $1,920 against the US Dollar. ETH could gain bullish momentum and could clear the $2,000 resistance soon.
- Ethereum is attempting a further rise above the $1,920 zone.
- The price is trading above $1,900 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could steadily rally towards the $2,000 resistance in the near term.
Ethereum price points higher
Ethereum price remained well-bid above the $1,820 support zone. ETH formed a base of support and started a new rally above the $1880 level, outperforming Bitcoin.
There was a clear move above the $1,920 resistance zone. Additionally, there was a break above a key downtrend line with resistance near $1,925 on the hourly chart of ETH/USD. The price even traded to a new multi-day high at $1,960 and is currently consolidating gains.
It is now showing positive signs and could soon continue rising towards the $2,000 resistance. Ether is now trading above $1,900 and the 100 hourly simple moving average. It is also above the 23.6% Fib retracement level of the up move from the $1,889 low to $1,960 high.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,960 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a new rally. The next resistance lies near $2050, above which the price could rally towards the $2120 level. Further gains could send Ether towards the $2,220 resistance.
Are dips limited on ETH?
If Ethereum fails to clear the resistance at $1960 or $1980, a correction to the downside could begin. Initial support on the downside is near the $1,930 level.
The next big support is near the $1,920 level. It is close to the 61.8% Fibonacci retracement level of the up move from the $1889 low to $1960 high. The first major support is near $1,900 and the 100 hourly simple moving average. If there is a move below $1,900, the price could drop to $1,880. Any further losses could perhaps send the price towards the $1,840 support.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,900
Highest Resistance Level: $1,960
