Ethereum price popped above the USD 1,850 resistance against the US dollar. ETH is showing positive signs and could soon rise towards the $2,000 resistance.
- Ethereum is slowly moving higher above the USD 1,850 resistance zone.
- The price is trading above USD 1,820 and the 100-hourly Simple Moving Average.
- There was a break above a key descending channel with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair signals bullish signals and a possible move towards the $2,000 resistance.
Ethereum price aims higher
Ethereum formed a base above the $1,780 level and recently started a steady rise, as did Bitcoin. ETH gained pace and rose above the USD 1,820 resistance zone.
There was a break above a key descending channel with resistance around $1,818 on the hourly chart. It led to bullish moves and pushed the price above the main hurdle at USD 1,850. The price traded to a new multi-week high at $1,875 and is currently consolidating gains.
Ethereum is now trading above $1,820 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent rise from the $1,784 swing low to the $1,875 high.
On the upside, the price is facing resistance around the $1,875 level. If ETH surpasses the USD 1,875 resistance, it could start another steady rise and test USD 1,920. The next major resistance is near USD 1,950, above which the price could further accelerate towards the USD 2,0000 level.
Source: ETHUSD on TradingView.com
Further gains could require a move towards the USD 2,050 level. In the mentioned case, the price could even rise to the USD 2,120 level.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 1,875 resistance, it could initiate a downward correction. The initial downside support is near the $1,850 level.
The next major support is $1,820 or the 61.8% Fib retracement level of the recent rise from the $1,784 swing low to the $1,875 high. The main support is now forming around the $1,800 level and the 100-hourly Simple Moving Average. A downward break below the USD 1,800 support could trigger a bearish wave. In the mentioned case, Ether could drop to the $1,750 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,820
Major resistance level – $1,875