Ethereum price rises above $1,850 against the US dollar. ETH is clearly following Bitcoin’s rally and could soon test the $2,000 resistance zone.
- Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
- The price is trading above $1,850 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,890 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise above the $1,930 and $1,950 resistance levels.
Ethereum price rises more than 6%
Ethereum price started to climb steadily above the $1,720 resistance zone. Recently, Bitcoin saw a major increase and helped ETH clear the $1,850 resistance.
The price is up more than 6% and there was a move above the $1,900 level. A high is forming near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level from the recent rally from the $1,715 swing low to the $1,930 high.
Ether is also well above $1,850 and the 100-hour Simple Moving Average. In addition, a major bullish trendline is forming with support near $1,890 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels could push the price further. The next resistance is near USD 2,000, above which Ethereum could rise towards the USD 2,050 level. More gains above the $2,050 resistance zone could push the price towards the $2,120 resistance.
Are dips supported in ETH?
If Ethereum fails to clear the $1,950 resistance, it could start a downside correction. The first support on the downside is near the $1,900 level.
The next major support is near the USD 1,880 level or the recent low. If there is a break and breaks below the $1,880 support, the price could drop to the $1,820 support or the 50% Fib retracement level from the recent rally from the $1,715 swing low to the $1,930 high. Even more losses might send the price towards the $1,780 zone or the 100-hour Simple Moving Average.
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 in the overbought zone.
Major Support Level – $1,780
Major resistance level – $1,950