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Ethereum price is finding a bid above the $1,875 support area against the US Dollar. ETH is likely to gain bullish momentum above the $1,940 resistance.
- Ethereum has a major support near $1,875.
- The price is trading below $1,920 and the 100-hour simple moving average.
- There was a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain momentum if it overcomes the $1,920 and $1,940 resistance levels.
Ethereum price may start a new uptrend
Ethereum price declined again below the $1,900 support. However, ETH bulls were active near the $1,875 level. It looks like a double bottom pattern is forming near the $1,875 level.
There was a swing low near $1,875, and the price is now making a fresh attempt to move higher. It broke the $1,900 resistance. There was also a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD. The pair recently surpassed the 50% Fibonacci retracement level of the decline from the $1,944 high to $1,874 low.
Ether is now trading below $1,920 and the 100-hour simple moving average. On the upside, an immediate resistance is near the $1,920 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,944 high to $1,874 low.
Source: ETHUSD on Tradingview.com
The first major resistance is near the $1,940 area, above which the price could climb higher towards the $1,985 resistance area. The next major resistance is near the $2,000 level. Any more gains could send Ether towards the $2,050 resistance or even $2,080.
Fresh decline in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. On the downside, an initial support is near the $1,900 level.
The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Any more losses could open the doors for a move towards the $1,780 support in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,875
Major Resistance Level – $1,920
