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Ethereum price corrected gains from the $1,920 resistance against the US Dollar. ETH is currently holding a support and it may soon aim an increase towards $2,000.
- Ethereum is currently eyeing a fresh rise above the $1,920 resistance area.
- The price is trading well above the $1,880 and 100 hourly simple moving averages.
- There is a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to gain bullish momentum if it overcomes the $1,920 resistance.
Ethereum price remains supported
Ethereum price started a decent increase above the $1,800 resistance. ETH even broke the $1,880 level before the bears appeared near $1,920 and sent the price lower, similar to bitcoin.
There was a downside correction below the $1,900 and $1,885 levels. The price traded upward with the 50% Fib retracement level of the upward move from the $1,836 low to $1,929 high. However, the bulls were active above the $1,870 level.
There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $1,836 low to $1,929 high.
Ether is still trading above the $1,880 level and the 100 hourly simple moving average. An immediate resistance is near the $1,910 area. The next major resistance is near the $1,920 level. A close above the $1,920 resistance could send ether towards $2,000.
Source: ETHUSD on TradingView.com
The next resistance sits near the $2,040 level, above which Ethereum could gain momentum towards the $2,120 level. Any further gains above the $2,120 resistance area could send the price towards the $2,200 resistance.
More Losses in ETH?
If Ethereum fails to overcome the $1,920 resistance, it could continue to decline. On the downside, an initial support is near the $1,885 level.
The next major support is near the $1,870 area or the trend line. If there is a close below the $1,870 support, the price could decline towards the 100 hourly SMA. Any further losses could take the price towards the $1,815 level in the coming days, below which it could test the $1,800 level.
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 – $1,870
Major Resistance Level – $1,920
