Ethereum found support near $1,735 and corrected higher against the US Dollar. ETH is now facing a major resistance near $1,885 and $1,920.
- Ethereum is slowly moving higher and trading above $1,850.
- The price is now trading above $1,860 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might rise steadily if there is a clear move above the $1,920 resistance zone.
Ethereum Price Climbs Higher
Ethereum spiked below the $1,760 support zone. However, ETH remained well bid above the $1,720 level. A low was formed near the $1,734 and the price started a fresh increase.
There was a clear move above the $1,800 and $1,820 levels. Besides, there was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD. Ether price is now trading above $1,860 and the 100 hourly simple moving average.
It is now attempting a move above the 50% Fib retracement level of the downward move from the $2,015 swing high to $1,734 low. On the upside, an initial resistance is near the $1,885 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,910 and $1,920 levels. It is near the 61.8% Fib retracement level of the downward move from the $2,015 swing high to $1,734 low. A clear move above the $1,920 resistance might start a decent increase. In the stated case, the price could revisit $2,000. Any more gains might set the pace for a larger increase, may be towards $2,120.
Dips Limited in ETH?
If ethereum fails to rise above the $1,920 resistance, it could a downside correction. An initial support on the downside is near the $1,840 zone and the broken trend line.
The next major support is near the $1,800 level and the 100 hourly simple moving average. A clear move below the $1,800 level might spark a major decline. The next major support might be $1,760. Any more losses could send the price towards the $1,735 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone.
Major Support Level – $1,800
Major Resistance Level – $1,920
Credit: Source link
