Ethereum price finds bids above the $1,875 support zone against the US dollar. ETH could gain bullish momentum above the USD 1,940 resistance.
- Ethereum is holding the key support near $1,875.
- The price is trading below $1,920 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $1,900 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain pace if it crosses the $1,920 and $1,940 resistance levels.
Ethereum Price May Start New Rise
Ethereum price fell below the USD 1,900 support again. However, ETH bulls were active near the $1,875 level. It appears that a double bottom pattern is forming near the $1,875 level.
A low is formed near $1,875 and the price is now trying to rise again. It broke the $1,900 resistance level. There was also a break above a key bearish trendline with resistance near $1,900 on the ETH/USD hourly chart. The pair made up for the recent drop in the 50% Fib retracement level from the $1,944 swing high to the $1,874 low.
Ether is now trading below $1,920 and the 100-hour Simple Moving Average. On the upside, immediate resistance is near the $1,920 level. It is close to the 61.8% Fib retracement level which recently fell from the $1,944 swing high to the $1,874 low.
Source: ETHUSD at TradingView.com
The first major resistance is near the $1,940 zone, above which the price could rise towards the $1,985 resistance zone. The next major resistance is near the $2,000 level. Any further gains could send Ether towards the $2,050 resistance or even $2,080.
New Decline in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. The first support on the downside is near the $1,900 level.
The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. More losses could open the door for a move towards the $1,780 support level in the near term.
Technical indicators
MACD per hour – 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 – $1,875
Major resistance level – $1,920