Ethereum price is aiming for another rise above the $1,880 zone against the US Dollar. ETH could rally unless it closes below the $1,830 support.
- Ethereum is facing major resistance near USD 1,875 and USD 1,880.
- The price is trading above $1,830 and the 100-hour Simple Moving Average.
- A bullish flag pattern is forming with resistance near $1,860 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it breaches the USD 1,860 and USD 1,880 resistance levels.
Ethereum price holds support
The price of Ethereum started a decent increase from the $1,800 zone. ETH climbed above the USD 1,850 and USD 1,860 levels. However, the bears are still operating near $1,880, similar to Bitcoin.
A high was formed near $1,876 and the price saw a downside correction. There was a move below the $1,860 level. The price fell below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
Ether is now trading above USD 1,830 and the 100-hour Simple Moving Average. A bullish flag pattern is also forming with resistance near $1,860 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
On the upside, immediate resistance is near the $1,860 level and trendline. The first major resistance is near the $1,875 level. The next key resistance is near the $1,880 level, above which the price could rise towards the $1,920 zone. More wins can send the prize to the $2,000 hurdle. A close above the $2,000 level could set the pace for a larger increase.
New Decline in ETH?
If Ethereum fails to clear the $1,880 resistance, it could start a fresh decline. The first support on the downside is near the $1,845 level and the 100-hour Simple Moving Average.
The first major support is near the $1,835 zone or the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high, below which the price could test the $1,820 support zone. The next major support is near the $1,800 support level. More losses could trigger a sharp decline to USD 1,720.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,830
Major resistance level – $1,880