Ethereum price started a decent rise above the $1,870 resistance against the US Dollar. ETH could attempt an upside break above the key $1,920 resistance.
- Ethereum is slowly attempting a recovery wave from the $1,840 support zone.
- The price is trading above $1,870 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $1,870 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a strong rise if it breaks above the USD 1,880 and USD 1,900 resistance levels.
Ethereum price holds support
Ethereum price managed to stay above the USD 1,840 support. ETH formed a base and recently started a recovery wave from the low of $1,838, similar to Bitcoin.
There was a break above the $1,870 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,916 swing high to the $1,838 low. In addition, there was a break above a key bearish trendline with resistance near USD 1,870 on the ETH/USD hourly chart.
Ether is now trading above USD 1,870 and the 100-hour Simple Moving Average. There are also chances of a short-term inverted head-shoulder pattern on the same chart. Immediate resistance is near the $1,880 zone. The next major resistance is near the $1,885 level or the 61.8% Fib retracement level of the downward move from the $1,916 swing high to the $1,838 low.
Source: ETHUSD at TradingView.com
A good move above the $1,880 and $1,885 resistance levels could send Ether to $1,920. The next resistance is near $1,940, above which Ethereum could rise to $2,000. More gains above the $2,000 resistance zone could push the price towards the $2,120 resistance.
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 $1,870 level and the 100-hour Simple Moving Average.
The next major support is near the $1,855 zone. If there is a break below the $1,855 support, the price could drop towards the $1,840 support. More losses may perhaps send the price towards the $1,800 or even $1,740 level in the coming sessions.
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 – $1,840
Major resistance level – $1,880
