Ethereum price holds gains above the $1,800 level against the US dollar. ETH could gain bullish momentum if it clears the $1,880 resistance zone.
- Ethereum is attempting another increase from the $1,820 zone.
- The price is trading near $1,865 and the 100-hour Simple Moving Average.
- There was a break above a contiguous bearish trendline with resistance near $1,838 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise steadily if it clears the USD 1,880 resistance in the near term.
Ethereum price aims for fresh increase
Ethereum price started a downside correction below the $1,865 support. ETH even peaked below the $1,820 level, but the downsides were limited, unlike Bitcoin.
A low is being formed near USD 1,817 and the price is now attempting a rise again. There was a break above the $1,840 resistance zone. In addition, there was a break above a contiguous bearish trendline with resistance near $1,838 on the ETH/USD hourly chart.
Ether is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. It is also trading near $1,865 and the 100-hour Simple Moving Average.
Immediate resistance is near the $1,875 level or the 61.8% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance is near the $1,900 level. The first breakout level is near the $1,920 level.
Source: ETHUSD at TradingView.com
A close above the $1,920 zone could start another rally. The next resistance is near $2,000, above which the price could rise towards the $2,050 level. Any further gains could send Ether towards the $2,120 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,875 or USD 1,880 resistance, it could start a fresh decline. The first support on the downside is near the $1,860 level and the 100-hour Simple Moving Average.
The next major support is near the $1,840 level. The first major support is near $1,820. If there is a move below $1,820, the price could drop to $1,790. More losses may perhaps send the price towards the $1,740 support.
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 now below the 50 level.
Major Support Level – $1,820
Major resistance level – $1,880
