Ethereum price is moving higher above the $1,880 resistance against the US Dollar. ETH could surge toward $2,000 or $2,050 if it clears the $1,920 resistance.
- Ethereum is moving higher toward the $2,000 resistance.
- The price is trading above $1,880 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $1,920 resistance zone.
Ethereum Price Aims Higher
Ethereum’s price formed a base above the $1,800 support zone. ETH started a steady increase and cleared the $1,880 resistance zone, similar to Bitcoin at $28,800.
The price even climbed above $1,900 but faced sellers near $1,920. There was a downside correction but the bulls were active near $1,870. A low is formed near $1,867 and the price is now rising. There was a break above the 50% Fib retracement level of the recent decline from the $1,917 high to the $1,867 low.
Ether is now trading above $1,880 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,885 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,905 level. It is close to the 76.4% Fib retracement level of the recent decline from the $1,917 high to the $1,867 low. The next major resistance seems to be forming near $1,920. A close above the $1,920 resistance zone could send Ethereum toward the $1,940 resistance. Any more gains could send Ether toward the $2,000 resistance. In the stated case, the price may even rise toward the $2,120 resistance.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,885 level and the trend line.
The next major support is near the $1,880 zone or the 100 hourly SMA, below which ether price might drop toward the $1,840 support zone. Any more losses may perhaps take the price toward the $1,805 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,880
Major Resistance Level – $1,920
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
