Ethereum price started to rise again after the USD 1,900 support. ETH is now facing resistance near USD 2,020, above which it could accelerate even higher.
- Ethereum found support around $1,900 and started a significant increase.
- The price is trading above USD 1,980 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rise if it breaks the $2,020 resistance zone.
Ethereum price faces hurdles
Over the past week, Ethereum price started a downward correction against the USD 2,120 resistance. ETH fell below the USD 2,020 and USD 2,000 support levels. It even peaked below the $1,920 support.
A low was formed near $1,905 and the price began to rise steadily, just like Bitcoin. There was a move above the USD 1,950 and USD 1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,020 zone.
There is also a major bearish trendline forming with resistance around $2,020 on the hourly chart of ETH/USD. The trendline is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
Source: ETHUSD on TradingView.com
A close above the $2,020 resistance could spark another strong upside. The next resistance is near USD 2,090, above which the price could aim for a move towards the USD 2,120 level. Any further gains could trigger a wave towards the $2,200 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,020 resistance, it could trigger another decline. Initial downside support is near the $1,980 level and the 100-hourly Simple Moving Average.
The next major support is at USD 1,950. The main support is $1,900. A downward break below the USD 1,900 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,850 support zone in the short term. Further losses could require a decline towards the USD 1,800 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,950
Major resistance level – $2,020
