Ethereum Price Could Regain Bullish Momentum Above $1,900

Aayush Jindal

1 year ago

2 mins read

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Ethereum price started an upside correction from $1,800 against the US Dollar. ETH could continue to rise if it clears the $1,900 and $1,920 resistance levels.

Ethereum is correcting losses from the $1,800 support zone.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,828 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above the $1,900 resistance.

Ethereum Price Starts Recovery

Ethereum’s price extended its decline below the $1,820 zone. However, ETH remained well-bid above the $1,800 level and recently started an upside correction, similar to Bitcoin from $27,000.

There was a move above the $1,825 and $1,840 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,828 on the hourly chart of ETH/USD. The pair traded above the 50% Fib retracement level of the recent drop from the $1,890 high to the $1,807 low.

Ether price is now trading above $1,850 and the 100-hourly Simple Moving Average. It is testing the 76.4% Fib retracement level of the recent drop from the $1,890 high to the $1,807 low.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,880 zone. The next major resistance is near $1,900. The main resistance sits near the $1,920 level. A close above the $1,900 level and a move above $1,920 could spark bullish moves. In the stated case, the price could rise toward the $2,000 resistance. Any more gains could send Ether toward the $2,080 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,880 resistance or the $1,900 barrier, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.

The next major support is near the $1,825 zone, below which ether price might revisit the $1,800 support zone. If the bulls fail to protect $1,800, the price might gain bearish momentum. In the stated case, the price might decline toward $1,765. Any more losses may perhaps take the price toward $1,700 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 – $1,825

Major Resistance Level – $1,900

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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