The Ethereum price is moving higher above $1,850 against the US dollar. ETH is outperforming Bitcoin and could rise further towards the USD 2,000 resistance.
- Ethereum is gaining speed for a move towards the $2,000 level.
- The price is trading above USD 1,850 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further above the $1,920 and $1,950 levels.
Ethereum price outperforms Bitcoin
Ethereum remained in a positive zone above the USD 1,780 support zone. ETH started a new rise and was able to clear the resistance at $1,850, outperforming Bitcoin.
The price even spiked above the USD 1,900 level. It traded to a new multi-week high at $1,912 and the price is now consolidating gains. It is now trading near the 23.6% Fib retracement level of the upward move from the $1,781 swing low to the $1,912 high.
Ethereum is now trading above $1,850 and the 100-hourly Simple Moving Average. A major bullish trendline is also forming with support near $1,870 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance around the $1,900 level. The first major resistance is at $1,920. If ETH surpasses the USD 1,920 resistance, it could rise towards the USD 1,950 barrier. Any gains could open the doors to a test of the $2,000 value. The next major resistance is near USD 2,050, above which the price could accelerate further towards the USD 2,120 level.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 1,920 resistance, it could initiate a downward correction. The initial downside support is near the $1,870 level or the trendline.
The next major support is $1,850 or the 100 hourly SMA. It is also close to the 50% Fib retracement level of the upward move from the $1,781 swing low to the $1,912 high. A downside break below the $1,850 support could trigger a bearish wave. In the mentioned case, Ether could drop to the $1,780 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,850
Major resistance level – $1,920