Ethereum price started a wave of recovery above the $1,850 level against the US Dollar. ETH must liquidate $1,920 to continue higher in the near term.
- Ethereum is currently showing positive signs above the $1,850 resistance zone.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- A key uptrend line is forming with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could go higher if it breaks above the $1,920 resistance.
Ethereum price recovers 4%
Ethereum price remained above the $1,750 level. ETH formed a base and recently started a new rise above the $1820 resistance, similar to Bitcoin.
The bulls were able to push the price above the $1,850 resistance. It even shot up above the $1,900 level. However, the bears remain active near the $1920 resistance. A high is formed near $1,929 and the price is now consolidating gains.
Ether is trading above $1,880 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD.
The price is now trading near the 23.6% Fibonacci retracement level of the recent rise from the $1,837 low to $1,929 high. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level. A close above the $1,930 resistance could send Ether towards $2,000.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $2,050, above which Ethereum could rally to $2,120. More gains above the $2,120 resistance zone could push the price towards the $2,250 resistance.
Are ETH dips allowed?
If Ethereum fails to clear the resistance at $1920, a correction to the downside could begin. Initial support on the downside is near the $1,900 level.
The next major support is near the $1,880 zone or the trend line or the 61.8% Fibonacci retracement level of the recent rise from the $1,837 low to $1,929 high. If there is a close below the $1870 support, the price could revisit the $1840 support. Any further losses can perhaps send the price looking towards the $1,800 level.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level: $1,870
Highest Resistance Level: $1,920
