Ethereum price is trading in a positive zone above $1,850 support against the US Dollar. ETH could surge towards USD 2,000 if it stays above the USD 1,880 support.
- Ethereum is consolidating and facing resistance near the $1,925 level.
- The price is trading above $1,850 and the 100-hour Simple Moving Average.
- A major contraction triangle is forming with resistance near $1,920 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rally again if it overcomes the $1,925 resistance.
Ethereum price remains supported
Ethereum price started a fresh increase from the $1,800 support zone. ETH gained speed and was able to settle above the $1,850 resistance zone, similar to Bitcoin.
The upward move was such that the price even cleared the $1,880 resistance. A high is forming near $1,940 and the price is now consolidating gains. It is trading near the 50% Fib retracement level of its recent rise from the $1,873 swing low to the $1,940 high.
Ether price is also well above $1,850 and the 100-hour Simple Moving Average. In addition, a major contraction triangle is forming with resistance near $1,920 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,925 level and triangle area. A close above the $1,925 level could start another rally. In the said case, the price could rise towards the $1,960 resistance. Any further gains could send Ether towards the $2,000 resistance. Finally, if the bulls continue to act, there could be a shift towards the $2,120 level where the bears can take a stand and protect more gains.
New Decline in ETH?
If Ethereum fails to clear the $1,925 resistance, it could start a fresh decline. The initial support on the downside is near the $1,890 level and triangle trendline.
The next major support is near the $1,880 zone or the 100-hour Simple Moving Average. It is close to the 76.4% Fib retracement level of the recent rise from the $1,873 swing low to the $1,940 high, below which ether price could visit the $1,840 support zone. More losses may push the price to $1,800 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 – $1,880
Major resistance level – $1,925
