Ethereum Bulls Keep Pushing Why ETH Could Steadily Rising
Ethereum found support near $1,735 and corrected higher against the US dollar. ETH is now facing a major resistance near $1,885 and $1,920.
Ethereum is slowly moving higher and trading above USD 1,850. The price is now trading above $1,860 and the 100 hourly simple moving average. There was a break above a key bearish trendline with resistance near $1,840 on the ETH/USD hourly chart (data feed via Kraken). The pair could see steady gains if there is significant movement above the USD 1,920 resistance zone.
Ethereum price climbs higher
Ethereum spiked below the $1,760 support zone. However, ETH remained well above the $1,720 level. A low was formed near $1,734 and the price started another rise.
There was a clear move above the $1,800 and $1,820 levels. In addition, there was a break above a key bearish trendline with resistance near $1,840 on the ETH/USD hourly chart. Ether price is now trading above $1,860 and the 100 hourly simple moving average.
It is now trying to make a move above the 50% Fib retracement level of the downward move from the $2,015 swing high to $1,734 low. On the upside, an initial resistance is near the $1,885 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,910 and $1,920 levels. It is near the 61.8% Fib retracement level of the downward move from the $2,015 swing high to $1,734 low. A clear move above the $1,920 resistance could spark a decent rise. In the said case, the price could revise $2,000. More gains could set the pace for a bigger gain, possibly towards USD 2,120.
Dips limited in ETH?
If ethereum fails to break above the $1,920 resistance, it could be a downside correction. An initial downward support is near the USD 1,840 zone and the broken trendline.
The next major support is near the $1,800 level and the 100 hourly simple moving average. A marked move below the USD 1,800 level could spark a large decline. The next big support could be at $1,760. More losses could send the price towards the USD 1,735 level in the near term.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone.
Major Support Level – $1,800
Major Resistance Level – $1,920