Ethereum price is finding offers above the $1,875 support zone against the US Dollar. ETH could gain bullish momentum above the $1,940 resistance.
- Ethereum is holding the key support near $1,875.
- The price is trading below $1,920 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could pick up pace if it breaches the $1,920 and $1,940 resistance levels.
Ethereum price could start a new rise
Ethereum price dipped back below the $1900 support. However, ETH bulls were active near the $1,875 level. It looks like a double bottom pattern is forming near the $1,875 level.
A low is formed near $1,875 and the price is now attempting a further rise. It broke through the $1,900 resistance level. There was also a break above a key downtrend line with resistance near $1,900 on the hourly chart of ETH/USD. The pair broke above the recent 50% Fibonacci retracement level drop from the $1,944 high to $1,874 low.
Ether is now trading below $1,920 and the 100 hourly simple moving average. To the upside, immediate resistance is near the $1920 level. It is close to the recent drop of the 61.8% Fibonacci retracement level from the $1,944 high to $1,874 low.
Fountain: ETHUSD on TradingView.com
The first major resistance is near the $1940 zone, above which the price could rally towards the $1985 resistance zone. The next major resistance is near the $2,000 level. Further gains could send Ether towards the $2,050 or even $2,080 resistance.
New drop in ETH?
If Ethereum fails to clear the resistance at $1920, a new decline could begin. Initial support on the downside is near the $1,900 level.
The first major support is near the $1875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. More losses could open the doors for a move towards the support level of $1,780 in the near term.
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 above the 50 level.
Major Support Level: $1,875
Highest Resistance Level: $1,920
