Ethereum price corrected gains from the $1,920 resistance against the US Dollar. ETH is currently supported and could soon point to a move towards $2,000.
- Ethereum is currently considering a further rise above the $1,920 resistance zone.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- A major uptrend line is forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks above the $1,920 resistance.
Ethereum price remains supported
Ethereum price started a decent rise above the $1,800 resistance. ETH even broke through the $1,880 level before bears turned up near $1,920 and pushed the price lower, similar to Bitcoin.
There was a downside correction below the $1,900 and $1,885 levels. The price broke below the 50% Fibonacci retracement level of the up move from the $1,836 low to $1,929 high. However, the bulls were active above the $1,870 level.
There is also a major uptrend line forming with support near $1,880 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fibonacci retracement level of the up move from the $1836 low to $1929 high.
Ether is still trading above $1,880 and the 100 hourly simple moving average. Immediate resistance is near the $1,910 area. The next major resistance is near the $1,920 level. A close above the $1,920 resistance could send Ether towards $2,000.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $2,040, above which Ethereum could pick up pace towards $2,120. Further gains above the $2,120 resistance zone could send the price looking towards the $2,200 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1920, it could continue lower. Initial support on the downside is near the $1,885 level.
The next big support is near the $1,870 zone or the trend line. If there is a close below the $1870 support, the price could drop towards the 100 hourly SMA. Any further losses could send the price looking towards the $1815 level over the next few sessions, below which it could test $1800.
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 above the 50 level.
Major Support Level: $1,870
Highest Resistance Level: $1,920
