Ethereum price started a decent rally above the $1,870 resistance against the US Dollar. ETH could attempt a bullish breakout above the key $1,920 resistance.
- Ethereum is slowly attempting a rally wave from the $1,840 support zone.
- The price is trading above $1,870 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a sharp rise if it breaks above the $1,880 and $1,900 resistance levels.
Ethereum price maintains support
Ethereum price managed to stay above the $1,840 support. ETH formed a base and recently began a wave of recovery from the low of $1,838, similar to Bitcoin.
There was a break above the $1,870 resistance level. Price rallied above the 23.6% Fibonacci retracement level of the down move from the $1,916 high to $1,838 low. Additionally, there was a break above a key downtrend line with resistance nearby. at $1,870 on the hourly chart of ETH/USD.
Ether is now trading above $1,870 and the 100 hourly simple moving average. There are also chances of a short-term inverse head and shoulders pattern on the same chart. Immediate resistance is near the $1,880 zone. The next major resistance is near the $1,885 level or the 61.8% Fibonacci retracement level of the move down from the $1,916 high to $1,838 low.
Fountain: ETHUSD on TradingView.com
A proper move above the $1880 and $1885 resistance levels could send Ether towards $1920. The next resistance lies near $1,940, above which Ethereum could rally to $2,000. More gains above the $2,000 resistance zone could send the price looking towards the $2,120 resistance.
New drop in ETH?
If Ethereum fails to clear the resistance at $1880, another slide could begin. Initial support on the downside is near the $1,870 level and the 100 hourly simple moving average.
The next big support is near the $1,855 zone. If there is a break below the $1855 support, the price could drop towards the $1840 support. Any further losses could perhaps send the price looking towards the $1,800 or even $1,740 level over the next few sessions.
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 above the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,880
