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Ethereum price is correcting higher above $1,850 against the US Dollar. ETH is clearly following the rally of bitcoin and may soon test the $2,000 resistance area.
- Ethereum is correcting higher above the $1,850 and $1,880 resistance levels.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to move higher above the $1,930 and $1,950 resistance levels.
Ethereum Price Rises Over 6%
Ethereum price started a steady rise above the $1,720 resistance area. Recently, bitcoin saw a major rally and helped ETH clear the $1,850 resistance.
The price increased by more than 6% and moved above the $1,900 level. There formed a high near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent rally from the $1,715 low to $1,930 high.
Ether is also well above $1,850 and the 100-hour simple moving average. Moreover, there is a major bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.
Source: ETHUSD on Tradingview.com
An immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels could push the price higher. The next resistance is near the $2,000 level, above which Ethereum could continue to rise towards the $2,050 level. Any more gains above the $2,050 resistance area could send the price towards the $2,120 resistance.
Are dips supported in ETH?
If Ethereum fails to clear the $1,950 resistance, it could start a downside correction. On the downside, an initial support is near the $1,900 level.
The next major support is near the $1,880 level or its recent swing low. If there is a break and a close below the $1,880 support, the price could decline towards the $1,820 support or the 50% Fib retracement level of the recent rally from the $1,715 low to $1,930 high. . Any further losses could probably send the price towards the $1,780 area or the 100-hourly simple moving average.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is in the overbought zone.
Major Support Level – $1,780
Major Resistance Level – $1,950
