Ethereum price corrects gains of $1,930 against the US dollar. ETH could start a fresh increase unless there is a prolonged decline towards USD 1,820.
- Ethereum is currently correcting lower from the $1,930 resistance.
- The price is trading above $1,850 and the 100-hour Simple Moving Average.
- There was a break below a contiguous bullish trendline with support near USD 1,900 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to climb above the USD 1,900 and USD 1,930 resistance levels.
Ethereum price is stable above $1,850
Ethereum price surged above the $1,850 resistance zone. ETH even peaked above $1,900 before the bears appeared. A high is formed near $1,930 and the price is now correcting gains similar to Bitcoin.
There was a move below the $1,900 and $1,880 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. In addition, there was a break below a contiguous bullish trendline with support near USD 1,900 on the ETH/USD hourly chart.
Ether is still trading above USD 1,850 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,900 level. The next major resistance is near the $1,930 level.
Source: ETHUSD at TradingView.com
If the bulls manage to pump Ethereum above its recent high, the price could even surpass USD 1,950. The next resistance is near $2,000, above which the bulls could target a move towards the $2,050 level. More gains above the $2,050 resistance zone could push the price towards the $2,120 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the $1,930 resistance, it could drop further. The first support on the downside is near the $1,865 level.
The next key support is near the $1,820 level and the 100-hour Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. If there is a break below the $1,820 support, the price could test $1,800. Any more losses might send the price towards the $1,750 zone or even $1,720 in the coming days.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,820
Major resistance level – $1,930
