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Ethereum price started a decent rise above the $1,870 resistance against the US Dollar. ETH might attempt an upside break above the key $1,920 resistance.
- Ethereum is slowly attempting a recovery wave from the $1,840 support area.
- The price is trading well above the $1,870 and 100 hourly simple moving averages.
- There was a break above a key bearish trend line with resistance near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rise if it overcomes the $1,880 and $1,900 resistance levels.
Ethereum price holds support
Ethereum price managed to stay above the $1,840 support. ETH formed a base and started a recovery wave from the recent low at $1,838, similar to bitcoin.
There was a break above the $1,870 resistance. The price climbed above the 23.6% Fib retracement level of the decline from the $1,916 high to $1,838 low. Besides, there was a break above a key bearish trend line with resistance near $1,870 on the hourly chart of ETH/USD.
Ether is now trading above $1,870 and the 100 hourly simple moving average. There is also a possibility of a short-term inverse head and shoulders pattern on the same chart. An immediate resistance is near the $1,880 area. The next major resistance is near the $1,885 level or the 61.8% Fib retracement level of the decline from the $1,916 high to $1,838 low.
Source: ETHUSD on TradingView.com
A reasonable move above the $1,880 and $1,885 resistance levels could send ether towards $1,920. The next resistance is near the $1,940 level, above which Ethereum could climb higher towards $2,000. Any further gains above the $2,000 resistance area could send the price towards the $2,120 resistance.
Fresh decline in ETH?
If Ethereum fails to overcome the $1,880 resistance, it could start another decline. An initial support on the downside is near the $1,870 level and the 100 hourly simple moving average.
The next major support is near the $1,855 area. If there is a break below the $1,855 support, the price could decline further towards the $1,840 support. Any further losses in the coming sessions could probably send the price towards the $1,800 level or even $1,740.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is above the 50 level.
Key Support Level – $1,840
Key Resistance Level – $1,880
