Ethereum has seen a dramatic increase of $1,800 in price against the US Dollar. ETH continues to climb and could continue rising towards $2,000 resistance.
- Ethereum gained support at $1,680. This prompted a new increase.
- The current price trades above $1,800.
- On the hourly chart of Ethereum/USD, there was a break above the main bearish trend line. Resistance is near $1740. (Data feed via Kraken).
- It is possible that the pair will continue to climb towards the $2,000 and $1,950 levels.
Ethereum Price Rallies 12%
Ethereum was well-bought above $1,650. ETH established a foundation and began a new increase above the $1750 resistance level. Bulls lifted the price to $1,800.
The price rose higher, breaking the $1850 resistance. There was finally a rise above the $1900 resistance and the price settled higher than the 100 hourly simple movement average. An increase in the price was seen near $1,919.
The 100-hourly simple moving average and $1,800 are both well above Ether’s trading price. It is trading well above 23.6% Fib level for the upward swing from the $1.655 low to the $1.919 high.
Source: TradingView.com ETHUSD
The $1,920 level is the nearest resistance for the upside. Near the $1,950 mark is the first significant resistance. If the price moves above $1,950, it could lead to a gradual increase in $2,000. The bulls are still in control and the price could rise to the $2,120 resistance level in the short term.
Did you know that ETH has a number of dips?
It could begin a downtrend correction if ethereum does not rise above $1,920. The $1,850 area is the first support for the downside. Next is $1,800.
Support is located near $1,780 or 50% Fib Retracement of the upward movement from $1,655 to $1,919 low. Below which, there could be a sharp drop. The above scenario could lead to a decline in ether prices towards $1,750. A test at the $1,700 level might be necessary for any further losses.
Hourly MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is at 65 for USD/ETH.
Major Support Level – $1,780
Major Resistance Level – $1,920