ethereum price is slowly rising towards the $2,000 resistance against the US Dollar. eth has a better positive position for a decent upward move than bitcoin.
- ethereum is still trying to advance towards the $2,000 level.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $1,880 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue moving above the $1,920 and $1,950 levels.
ethereum price remains supported
ethereum formed a support base and slowly rose above the $1,850 resistance zone. eth even broke the $1,880 level and shot towards the $1,920 resistance, unlike bitcoin.
The price reached $1,915 and is currently consolidating gains. There was a small downward correction below the $1,900 level. The price fell below the 50% Fibonacci retracement level of the upward move from the low of $1,858 to the high of $1,915.
However, the bulls are protecting further downsides below $1,880. They are protecting the 61.8% Fibonacci retracement level of the upward move from the low of $1,858 to the high of $1,915.
ethereum is now trading above $1,880 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,880 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,900 level. The first major resistance lies at $1,920. If eth breaks the $1,920 resistance, it could gain bullish momentum and even surpass $1,950. In the indicated case, the price could move towards the $2,000 barrier. The next key resistance is near $2,050, above which the price could accelerate towards the $2,120 level.
Are drops in eth supported?
If ethereum fails to overcome the $1,920 resistance, it could start a downward correction. Initial support on the downside is near the $1,880 level or the trend line.
The next key support is $1,860 or the 100 hourly SMA. The main support is located at $1,850. A downside break below the $1,850 support could trigger bearish moves. In the indicated case, Ether could fall towards the $1,750 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,850
Main Resistance Level: $1,920
