Ethereum price started a bullish correction from $1,800 against the US Dollar. ETH could continue to rise if it breaks above the $1,900 and $1,920 resistance levels.
- Ethereum is correcting losses from the $1,800 support zone.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,828 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks above the $1900 resistance.
Ethereum price begins recovery
Ethereum price extended its decline below the $1,820 zone. However, ETH remained well-bid above the $1,800 level and recently started a bullish correction, similar to Bitcoin from $27,000.
There was a move above the $1,825 and $1,840 resistance levels. Additionally, there was a break above a key downtrend line with resistance near $1,828 on the hourly chart of ETH/USD. The pair traded above the 50% Fibonacci retracement level of the recent drop from the $1,890 high to $1,807 low.
Ether price is now trading above $1,850 and the 100 hourly simple moving average. It is testing the 76.4% Fibonacci retracement level of the recent drop from the $1890 high to $1807 low.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,880 zone. The next big resistance is near $1,900. The main resistance lies near the $1,920 level. A close above the $1,900 level and a move above $1,920 could trigger moves to the upside. In the indicated case, the price could rally towards the $2,000 resistance. Further gains could send Ether towards the $2,080 resistance.
New drop in ETH?
If Ethereum fails to break above the $1880 resistance or the $1900 barrier, another slide could begin. Initial support on the downside is near the $1,860 level and the 100 hourly simple moving average.
The next major support is near the $1825 zone, below which the price of ether could revisit the $1800 support zone. If the bulls fail to protect $1,800, the price could gain bearish momentum. In the indicated case, the price could decline towards $1,765. Any further losses may take the price to $1,700 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: $1,825
Highest Resistance Level: $1,900
