Ethereum price is slowly rising towards the $2,000 resistance against the US dollar. ETH is in a better position for significant upward movement than Bitcoin.
- Ethereum is still trying to get to the $2,000 level.
- The price is trading above USD 1,850 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further above the $1,920 and $1,950 levels.
Ethereum price remains supported
Ethereum formed a support base and slowly moved higher above the $1,850 resistance zone. ETH even broke the USD 1,880 level and spiked towards the USD 1,920 resistance, unlike Bitcoin.
The price was $1,915 and is currently consolidating gains. There was a small downward correction below the USD 1,900 level. The price fell below the 50% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.
However, the bulls are protecting more downsides below $1,880. They protect the 61.8% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.
Ethereum is now trading above $1,880 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support near $1,880 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance around the $1,900 level. The first major resistance is at $1,920. If ETH surpasses the USD 1,920 resistance, it could gain bullish momentum and even clear USD 1,950. In the mentioned case, the price could drift towards the $2,000 mark. The next major resistance is near USD 2,050, above which the price could accelerate further towards the USD 2,120 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 1,920 resistance, it could initiate a downward correction. The initial downside support is near the $1,880 level or the trendline.
The next major support is $1,860 or the 100 hourly SMA. The main support is at $1,850. A downward break below the $1,850 support could trigger bearish moves. In the mentioned case, Ether could drop to the $1,750 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,850
Major resistance level – $1,920