Ethereum price is moving higher above the USD 1,900 resistance against the US dollar. ETH could accelerate higher towards USD 2,000 or even USD 2,120 in the coming sessions.
- Ethereum is showing positive signals above the USD 1,900 level.
- The price is trading above USD 1,880 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further towards the $2,000 mark in the short term.
Ethereum price seems to be on track
Ethereum is forming a base above the USD 1,850 support zone. ETH remained in a bullish zone and slowly climbed above the USD 1,880 resistance, just like Bitcoin.
There was also a move above the USD 1,920 resistance. The price traded to a new multi-week high at $1,925 and is currently consolidating gains. Current price action is positively above the 23.6% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high.
Ethereum is trading above $1,880 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support near $1,905 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance around the $1,925 level. The next major resistance is at $1,950, above which the price could accelerate higher. In the said case, the price could rise towards the USD 2,000 resistance. The next major resistance is near USD 2,050, above which the price could aim for a move towards the USD 2,120 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 1,925 resistance, it could initiate a downward correction. The initial downside support is near the $1,905 level and the trendline.
The next major support is $1,880 or the 100 hourly SMA or the 61.8% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high. The main support is at $1,850. A downward break below the $1,850 support could trigger bearish moves. In the mentioned case, Ether could drop to the $1,780 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 – $1,880
Major resistance level – $1,950