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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Ethereum Price Is Showing Early Signs of Fresh Increase, But This Resistance Is Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum price is finding bids above the $1,875 support zone against the US Dollar. ETH could gain bullish momentum above the $1,940 resistance.

  • Ethereum is holding the key support near $1,875.
  • The price is trading below $1,920 and the 100-hourly 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 pace if it clears the $1,920 and $1,940 resistance levels.

Ethereum Price Could Start Fresh Increase

Ethereum’s price declined again below the $1,900 support. However, ETH bulls were active near the $1,875 level. It seems like a double bottom pattern is forming near the $1,875 level.

A low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,900 resistance level. 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 cleared the 50% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low.

Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,920 level. It is close to the 61.8% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,940 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,000 level. Any more gains could send Ether toward 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. Initial support on the downside 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 toward the $1,780 support level 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 above the 50 level.

Major Support Level – $1,875

Major Resistance Level – $1,920

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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