Ethereum price started a recovery wave above the $1,850 level against the US dollar. ETH needs to clear $1,920 to continue higher in the near term.
- Ethereum is currently showing positive signs above the USD 1,850 resistance zone.
- The price is trading above $1,880 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,870 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise further if it clears the USD 1,920 resistance.
Ethereum Price Recovers 4%
Ethereum price remained supported above the USD 1,750 level. ETH formed a base and recently started a fresh increase above the USD 1,820 resistance, similar to Bitcoin.
The bulls were able to pump the price above the $1,850 resistance. It even peaked above the $1,900 level. However, the bears are still active near the $1,920 resistance. A high is formed near $1,929 and the price is now consolidating gains.
Ether is trading above USD 1,880 and the 100-hour Simple Moving Average. A major bullish trendline is also forming with support near USD 1,870 on the ETH/USD hourly chart.
The price is now trading near the 23.6% Fib retracement level from its recent rise from the $1,837 swing low to the $1,929 high. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level. A close above the $1,930 resistance could send Ether to $2,000.
Source: ETHUSD at TradingView.com
The next resistance is near USD 2,050, above which Ethereum could rise towards USD 2,120. More gains above the $2,120 resistance zone could push the price towards the $2,250 resistance.
Are dips supported in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. The first support on the downside is near the $1,900 level.
The next major support is near the $1,880 zone or the trend line or the 61.8% Fib retracement level from the recent rise from the $1,837 swing low to the $1,929 high. If there is a close below the $1,870 support, the price may revisit the $1,840 support. Any more losses might send the price towards the $1,800 level.
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 above the 50 level.
Major Support Level – $1,870
Major resistance level – $1,920
