Ethereum gained momentum and passed the $1800 resistance zone against the US Dollar. ETH is on the rise and may continue climbing towards $2,000 resistance.
- Ethereum traded well above $1,800 and then climbed higher.
- The current price of the stock is trading at $1,820 above its simple moving average 100 hours per hour.
- On the hourly chart for ETH/USD, there is support close to $1,880. This trend line forms as a bullish indicator (data feed via Kraken).
- It is possible that the pair will continue climbing towards the $2,000 and $1,980 levels.
Ethereum price eyes more upsides
Ethereum traded well above $1,750. After a strong move above $1,800 resistance, ETH was able to gain momentum. Even the $1,880 mark was crossed.
A spike was seen above $1,920 resistance, and prices reached as high as $1.943. Recently, the downside correction was below the $1900 mark. The 23.6% Fib Retracement Level of the Recent Increase from $1,655 Low to $1,943 High was reached by Ether Price.
However, it was well-bid above the $1880 mark. The hourly chart shows ETH/USD showing a strong bullish trendline with support close to $1,880.
Source: TradingView.com, ETHUSD
Ether is trading at $1,820 above the 100 hourly simple moving mean. Near the $1920 level, there is immediate resistance to the upside. Near the $1,940 mark is the first significant resistance. The $1,940 mark could be crossed and a gradual increase in price to $2,000 is possible. There may be more upsides and the price might rise towards the $2,000.
Dips Limited in Ethereum?
It could begin a downtrend correction if ethereum does not rise above $1,940. Support for the downside lies near the trend line and in the $1,880 area. Nearly $1,855 is the next support.
Support is located near $1,800 or 50% Fib Retracement of the recent rise from $1,655 lows to $1,943 highs. Below which, there are risks of further losses. The above scenario could lead to ether prices falling towards $1,765 support. If there are more losses, it might require a test to the $1720 level.
Technical indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,800
Major Resistance Level – $1,940
