Ethereum created a foundation near $1740, and began a rebound against the US Dollar. ETH currently faces a strong resistance in the vicinity of $1,900.
- Ethereum experienced a wave of recovery above $1,800 and 1,820.
- The current price of the stock is trading at $1,820 above its simple moving average 100 hours per hour.
- On the hourly chart of Ethereum/USD, there was a break above a significant bearish trend line. Resistance near $1820 was seen (data feed via Kraken).
- To continue climbing, the pair needs to clear $1,900 or $1,920 resistance.
Ethereum Price Takes a Break
Ethereum continued to fall below $1,800. But, bulls were active at the $1,700 and above levels. Before it began a steady upward movement, the price had remained near $1740.
The resistance zone of $1,800 was clearly breached. The 50% Fib level of the downmove from $1,910 swing high, to $1,700 base, was exceeded by Ether. On the hourly chart, ETH/USD showed a breakout above a significant bearish trend line, with resistance close to $1,820.
Today, the price traded well above $18,820 as well as the 100-hourly simple moving average. The price is consolidating also above the 76.4% Fib Retracement level for the downmove from $1,910 swing peak to $1,700 basis.
Source: TradingView.com ETHUSD
Surprisingly, the first resistance lies near $1,900. Near the $1,920 mark is the next significant resistance. An upside breakout above the $1920 resistance could trigger a substantial increase. If this happens, the price of ether could climb towards the $2,000 threshold. It could see further gains that push it toward the $2,085 main resistance zone.
New Decline in the ETH
Ethereum could see a sharp decline if it fails to rise above the $1920 resistance. Support for the downside lies near the $1840 zone.
Next major support will be near the $1820 level, and the 100-hourly simple moving average. A sharp fall below the $1820 level could result in a downside breakout. The price may retest the $1720 support area in the short term. Near $1,700 is the next support.
Technical Indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI is well over 60 for USD/ETH.
Major Support Level – $1,820
Major Resistance Level – $1,920
