Ethereum gained support at $1,735 and corrected higher versus the US Dollar. ETH currently faces significant resistance close to $1885 and $1920.
- Ethereum has been steadily rising and is now trading at $1,850.
- Today, the price traded above $1860. The 100-hourly simple moving average is also in place.
- On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance near $1840 was seen (data feed via Kraken).
- If the pair moves above $1,920 resistance level, it could rise steadily.
Ethereum price climbs higher
Ethereum fell below the $1760 support level. However, ETH remained above the $1720 mark. A low near $1,734 was reached and the price began to rise again.
The $1,800- and $1,820 levels were clearly crossed. A break was also seen above the major bearish trendline with resistance at $1,820 on the hourly chart for ETH/USD. Ether is trading at above $1,860 as well as the 100-hourly simple moving mean.
The market is currently trying to move above 50% Fib Retracement of the downmove from $2,015 swing high, $1,734 low. Surprisingly, the first resistance levels are near the $1885 level.
Source: TradingView.com, ETHUSD
Near the $1,910 or $1,920 levels is next resistance. This resistance is close to the 61.8% Fib Retracement level for the downmove from the $2,000.15 swing high and low to $1.734. An increase of at least $1,920 could be possible if the price moves above this resistance. The price may revert to $2,000. The price could rise to $2,000.
Dips Limited in Ethereum?
It could be a correction to the downside if ethereum does not rise above $1,920. The $1,840 area and the broken trendline provide initial support.
Near the $1,800 and 100 hourly simple moving levels is the next support. An obvious move below $1,800 could trigger a significant decline. 1.760 could be the next support level. If the market loses more, it could push the price down towards $1735 in the immediate future.
Technical Indicators
Minutely MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is currently in the Overbought Zone for ETH/USD.
Major Support Level – $1,800
Major Resistance Level – $1,920