Ethereum price corrected gains from the $1,920 resistance against the US Dollar. ETH is currently supported and could be aiming for a move towards USD 2,000 soon.
- Ethereum is currently seeing another rise above the $1,920 resistance zone.
- The price is trading above $1,880 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,880 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it clears the USD 1,920 resistance.
Ethereum price remains supported
Ethereum price started a decent increase above the USD 1,800 resistance. ETH even broke the $1,880 level before the bears appeared 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 peaked below the 50% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high. However, the bulls were active above the $1,870 level.
A major bullish trendline is also forming with support near USD 1,880 on the ETH/USD hourly chart. The trendline is close to the 61.8% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high.
Ether is still trading above USD 1,880 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,910 zone. The next major resistance is near the $1,920 level. A close above the USD 1,920 resistance could send Ether towards USD 2,000.
Source: ETHUSD at TradingView.com
The next resistance is near $2,040, above which Ethereum could gain pace towards $2,120. More gains above the $2,120 resistance zone could push the price towards the $2,200 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,920 resistance, it could fall further. The first support on the downside is near the $1,885 level.
The next major support is near the $1,870 zone or the trendline. If there is a close below the $1,870 support, the price could drop towards the 100 hourly SMA. Any more losses could send the price towards the $1,815 level in the coming sessions, below which it could test $1,800.
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
Major resistance level – $1,920