Ethereum price is trading in a positive zone above the $1,850 support against the US Dollar. ETH could rally towards $2,000 if it holds above the $1,880 support.
- Ethereum is consolidating and is facing resistance near the $1,925 level.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- A key contracting triangle is forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again if it breaks above the $1,925 resistance.
Ethereum price remains supported
Ethereum price started a fresh rise from the $1,800 support zone. ETH gained pace and was able to break above the $1,850 resistance zone, similar to Bitcoin.
The bullish move was such that the price even cleared the resistance at $1,880. A high is formed near $1,940 and the price is now consolidating gains. It is trading near the 50% Fibonacci retracement level of the recent rise from the $1,873 low to $1,940 high.
Ether price is also well above $1,850 and the 100 hourly simple moving average. Additionally, a key contracting triangle is forming with resistance near $1,920 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1925 level and the triangle region. A close above the $1925 level could start a new rally. In the indicated case, the price could rally towards the resistance of $1960. Further gains could send Ether towards the $2,000 resistance. Ultimately, if the bulls continue to act, there could be a drift towards the $2120 level where the bears could take a position and protect further gains.
New drop in ETH?
If Ethereum fails to clear the resistance at $1,925, another slide could begin. Initial support on the downside is near the $1,890 level and the triangle trend line.
The next major support is near the $1,880 zone or the 100 hourly simple moving average. It is close to the 76.4% Fibonacci retracement level of the recent rise from the $1873 low to $1940 high, below which ether price could revisit the $1840 support zone. Further losses may take the price to $1,800 in the near 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: $1,880
Highest Resistance Level: $1,925
