Ethereum price is maintaining gains above the $1,800 level against the US Dollar. ETH could gain bullish momentum if it breaches the $1,880 resistance zone.
- Ethereum is attempting a further rise from the $1,820 zone.
- The price is trading near $1,865 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if it breaks above the $1,880 resistance anytime soon.
Ethereum price points to a new increase
Ethereum price started a downward correction below the $1,865 support. ETH even spiked below the $1,820 level, but the downside was limited, unlike Bitcoin.
A low is formed near $1,817 and the price is now attempting a further rise. There was a break above the $1,840 resistance zone. Additionally, there was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD.
Ether is now testing the 50% Fibonacci retracement level of the move down from the $1,912 high to $1,817 low. It is also trading near $1,865 and the 100 hourly simple moving average.
Immediate resistance is near the $1,875 level or the 61.8% Fibonacci retracement level of the move down from the $1,912 high to $1,817 low. The next major resistance is near the $1,900 level. The first breakout level is near the $1,920 level.
Fountain: ETHUSD on TradingView.com
A close above the $1920 zone could start a new rally. The next resistance is near $2000, above which the price could rally to the $2050 level. Further gains could send Ether towards the $2,120 resistance.
Another drop in ETH?
If Ethereum fails to clear the resistance at $1875 or $1880, another slide could begin. Initial support on the downside is near the $1,860 level and the 100 hourly simple moving average.
The next big support is near the $1,840 level. The first major support is near $1,820. If there is a move below $1820, the price could drop to $1790. Any further losses could perhaps send the price towards the $1,740 support.
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 now below the 50 level.
Major Support Level: $1,820
Highest Resistance Level: $1,880
