ethereum price is moving up above the $1,900 resistance against the US Dollar. eth could accelerate towards $2,000 or even $2,120 in the coming sessions.
- ethereum is showing positive signs above the $1,900 level.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $1,905 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue to rise towards the $2,000 barrier in the near term.
ethereum Price Looks Ready to Recover
ethereum is forming a base above the $1,850 support zone. eth remained in a bullish zone and slowly rose above the $1,880 resistance, like bitcoin.
There was also a move above the $1,920 resistance. The price reached a new multi-week high of $1,925 and is currently consolidating gains. The current price action is positive above the 23.6% Fibonacci retracement level of the recent wave from the low $1,852 to the high $1,925.
ethereum is trading above $1,880 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,905 on the hourly chart of eth/USD.
<img decoding="async" class="alignnone size-full wp-image-559846" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-6.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,925 level. The next major resistance lies at $1,950, above which the price could accelerate further. In the indicated case, the price could rise towards the $2,000 resistance. The next key resistance is near $2,050, above which the price could point to a move towards the $2,120 level.
Are drops in eth supported?
If ethereum fails to overcome the $1,925 resistance, it could start a downward correction. Initial support on the downside is near the $1,905 level and the trend line.
The next key support is $1,880 or the 100-hour SMA or the 61.8% Fib retracement level of the recent wave from the low of $1,852 to the high of $1,925. 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 $1,780 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,880
Main Resistance Level: $1,950
