Ethereum price started a fresh increase above the $1,880 resistance against the US dollar. ETH is rising and it could soon aim for a move towards USD 2,000.
- Ethereum is attempting a fresh increase above USD 1,880.
- The price is trading above $1,880 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance near USD 1,860 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise if it breaks the $1,920 resistance zone.
Ethereum Price Recovering Ground
Ethereum price held up well above the $1,800 support zone. ETH started a decent upward move and was able to overcome the USD 1,850 resistance, similar to Bitcoin at USD 28,800.
There was a break above a key bearish trendline with resistance near USD 1,860 on the ETH/USD hourly chart. The pair even climbed above $1,900. A high is formed near $1,915 and the price is now consolidating gains. It is trading above $1,880 and the 100-hour Simple Moving Average.
Ether is trading nicely above the 23.6% Fib retracement level from its recent rise from the $1,843 swing low to the $1,915 high. Immediate resistance is near the $1,915 level.
Source: ETHUSD at TradingView.com
The next major resistance seems to be forming near USD 1,940. An upside break above the $1,940 resistance could send Ethereum towards the $2,000 resistance. Any further gains could send Ether towards the $2,050 resistance. In the case mentioned, Ether might even try to move towards the USD 2,120 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the $1,915 resistance, it could start a downside correction. The first support on the downside is near the $1,890 level.
The next major support is near the $1,880 zone or the 50% Fib retracement level from the recent rise from the $1,843 swing low to the $1,915 high, below which the ether price could fall towards the 100 SMA per hour. More losses may push the price to the $1,840 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,870
Major resistance level – $1,915
