Ethereum price is rising above the $1,880 resistance against the US dollar. ETH could rise to $2,000 or $2,050 if it clears the $1,920 resistance.
- Ethereum is moving higher towards the $2,000 resistance.
- The price is trading above $1,880 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,885 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it breaks the USD 1,920 resistance zone.
Ethereum price is aiming higher
Ethereum price formed a base above the $1,800 support zone. ETH started a steady rise and managed to break through the $1,880 resistance zone, similar to Bitcoin at $28,800.
The price even climbed above $1,900 but faced sellers near $1,920. There was a downside correction, but the bulls were active near USD 1,870. A low is forming near USD 1,867 and the price is now rising. There was a break above the 50% Fib retracement level from the recent drop from the $1,917 high to the $1,867 low.
Ether is now trading above USD 1,880 and the 100-hour Simple Moving Average. A major bullish trendline is also forming with support near USD 1,885 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,905 level. It is close to the 76.4% Fib retracement level from the recent drop from $1,917 high to $1,867 low. The next major resistance seems to be forming near USD 1,920. A close above the $1,920 resistance zone could send Ethereum towards the $1,940 resistance. Any further gains could send Ether towards the $2,000 resistance. In the said case, the price may even rise towards the $2,120 resistance.
Are dips supported in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. The first support on the downside is near the $1,885 level and trendline.
The next major support is near the $1,880 zone or the 100 hourly SMA, below which the ether price could fall towards the $1,840 support zone. More losses may push the price to the $1,805 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,880
Major resistance level – $1,920