Ethereum price is moving higher above the $1,880 resistance against the US Dollar. ETH could rally towards $2,000 or $2,050 if it clears the resistance at $1,920.
- Ethereum is moving higher towards the $2,000 resistance.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- A major uptrend line is forming with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaches the $1,920 resistance zone.
Ethereum price points higher
Ethereum price formed a base above the $1800 support zone. ETH started a steady rise and breached the $1880 resistance zone, similar to Bitcoin at $28,800.
The price even exceeded $1,900, but the sellers were up against close to $1,920. There was a downside correction, but the bulls were active near $1,870. A low is formed near $1,867 and the price is now moving higher. There was a break above the 50% Fibonacci retracement level of the recent drop from the $1,917 high to $1,867 low.
Ether is now trading above $1,880 and the 100 hourly simple moving average. There is also a major uptrend line forming with support near $1,885 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,905 level. It is close to the 76.4% Fibonacci retracement level of the recent drop from the $1,917 high to $1,867 low. The next major resistance seems to be forming near $1,920. A close above the $1920 resistance zone could send Ethereum towards the $1940 resistance. Further gains could send Ether towards the $2,000 resistance. In the indicated case, the price may even rise towards the resistance of $2120.
Are ETH dips allowed?
If Ethereum fails to clear the resistance at $1920, a correction to the downside could begin. Initial support on the downside is near the $1885 level and the trend line.
The next major support is near the $1880 zone or the 100 hour SMA, below which the price of ether could fall towards the $1840 support zone. Any further losses could send the price looking towards the $1,805 level in the short term.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining 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: $1,920
