Ethereum price is rising above $1,850 against the US Dollar. ETH is clearly following the rally of Bitcoin and could soon test the $2,000 resistance zone.
- Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- A key uptrend line is forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could further rally above the $1,930 and $1,950 resistance levels.
Ethereum price rises more than 6%
Ethereum price started a steady rise above the $1720 resistance zone. Recently, Bitcoin saw a major rise and helped ETH clear the $1850 resistance.
The price rallied over 6%, and there was a move above the $1,900 level. A high is formed near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fibonacci retracement level of the recent rally from the $1,715 low to $1,930 high.
Ether is also well above $1,850 and the 100 hourly simple moving average. Furthermore, a key uptrend line is forming with support near $1,890 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels could send the price higher. The next resistance lies near $2000, above which Ethereum could rally towards the $2050 level. More gains above the $2,050 resistance zone could send the price looking towards the $2,120 resistance.
Are ETH dips allowed?
If Ethereum fails to clear the resistance at $1950, 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 level or the recent low. If there is a break and close below the $1,880 support, the price could drop towards the $1,820 support or the 50% Fibonacci retracement level of the recent rally from the $1,715 low to $1,930 high. . Any further losses can send the price towards the $1,780 zone or the 100 hourly simple moving average.
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 in the overbought zone.
Major Support Level: $1,780
Highest Resistance Level: $1,950
