Ethereum price started an upside correction from $1,800 against the US Dollar. ETH could continue to rise if it clears the $1,900 and $1,920 resistance levels.
- Ethereum is correcting losses from the $1,800 support zone.
- The price is trading above $1,850 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $1,828 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $1,900 resistance.
Ethereum Price Starts Recovery
Ethereum’s price extended its decline below the $1,820 zone. However, ETH remained well-bid above the $1,800 level and recently started an upside correction, similar to Bitcoin from $27,000.
There was a move above the $1,825 and $1,840 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,828 on the hourly chart of ETH/USD. The pair traded above the 50% Fib retracement level of the recent drop from the $1,890 high to the $1,807 low.
Ether price is now trading above $1,850 and the 100-hourly Simple Moving Average. It is testing the 76.4% Fib retracement level of the recent drop from the $1,890 high to the $1,807 low.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,880 zone. The next major resistance is near $1,900. The main resistance sits near the $1,920 level. A close above the $1,900 level and a move above $1,920 could spark bullish moves. In the stated case, the price could rise toward the $2,000 resistance. Any more gains could send Ether toward the $2,080 resistance.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,880 resistance or the $1,900 barrier, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.
The next major support is near the $1,825 zone, below which ether price might revisit the $1,800 support zone. If the bulls fail to protect $1,800, the price might gain bearish momentum. In the stated case, the price might decline toward $1,765. Any more losses may perhaps take the price toward $1,700 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 above the 50 level.
Major Support Level – $1,825
Major Resistance Level – $1,900
Credit: Source link
