Ethereum price started a fresh rise above the $1,880 resistance against the US Dollar. ETH is rising and could soon point to a move towards $2,000.
- Ethereum is attempting a further rise above $1,880.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaches the $1,920 resistance zone.
Ethereum price recovers ground
Ethereum price remained well-bid above the $1,800 support zone. ETH started a decent up move and was able to clear the $1,850 resistance, similar to Bitcoin at $28,800.
There was a break above a key downtrend line with resistance near $1,860 on the hourly chart of ETH/USD. The pair even topped $1,900. A high is formed near $1,915 and the price is now consolidating gains. It is trading above $1,880 and the 100 hourly simple moving average.
Ether is trading nicely above the 23.6% Fibonacci retracement level of the recent rise from the $1,843 low to $1,915 high. Immediate resistance is near the $1,915 level.
Fountain: ETHUSD on TradingView.com
The next big resistance seems to be forming near $1,940. A bullish break above the $1940 resistance could send Ethereum towards the $2000 resistance. Further gains could send Ether towards the $2,050 resistance. In the indicated case, Ether could even attempt a move towards the $2120 resistance.
Are dips limited on ETH?
If Ethereum fails to clear the resistance at $1915, a correction to the downside could begin. Initial support on the downside is near the $1,890 level.
The next major support is near the $1,880 zone or the 50% Fibonacci retracement level of the recent rise from the $1,843 low to $1,915 high, below which Ether price could fall towards the 100 hour SMA. Any further losses could send the price looking towards the $1,840 level in the short term.
technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level: $1,870
Highest Resistance Level: $1,915
