Ethereum price is gaining pace above $1,920 against the US dollar. ETH could gain bullish momentum and could soon overcome the $2,000 resistance.
- Ethereum is attempting another rise above the $1,920 zone.
- The price is trading above $1,900 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $1,925 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise steadily towards the USD 2,000 resistance in the near term.
Ethereum price is aiming higher
Ethereum price held up well above the $1,820 support zone. ETH formed a support base and started a fresh increase above the USD 1,880 level, outperforming Bitcoin.
There was clear movement above the $1,920 resistance zone. In addition, there was a break above a key bearish trendline with resistance near $1,925 on the ETH/USD hourly chart. The price even traded to a new multi-day high of $1,960 and is currently consolidating gains.
It is now showing positive signs and could soon continue rising towards the $2,000 resistance. Ether is now trading above $1,900 and the 100-hour Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,960 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start another rally. The next resistance is near $2,050, above which the price could rise towards the $2,120 level. Any further gains could send Ether towards the $2,220 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the USD 1,960 or USD 1,980 resistance, it could start a downside correction. The first support on the downside is near the $1,930 level.
The next major support is near the $1,920 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high. The first major support is near $1,900 and the 100-hour Simple Moving Average. If there is a move below $1,900, the price could drop to $1,880. More losses may perhaps send the price towards the $1,840 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 – $1,900
Major resistance level – $1,960