Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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 $1,850.
- The price is now trading above $1,860 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might rise steadily if there is a clear move above the $1,920 resistance zone.
Ethereum Price Climbs Higher
Ethereum spiked below the $1,760 support zone. However, ETH remained well bid above the $1,720 level. A low was formed near the $1,734 and the price started a fresh increase. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
There was a clear move above the $1,800 and $1,820 levels. Besides, there was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD. Ether price is now trading above $1,860 and the 100 hourly simple moving average.
It is now attempting 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 might start a decent increase. In the stated case, the price could revisit $2,000. Any more gains might set the pace for a larger increase, may be towards $2,120.
Dips Limited in ETH?
If ethereum fails to rise above the $1,920 resistance, it could a downside correction. An initial support on the downside is near the $1,840 zone and the broken trend line.
The next major support is near the $1,800 level and the 100 hourly simple moving average. A clear move below the $1,800 level might spark a major decline. The next major support might be $1,760. Any more losses could send the price towards the $1,735 level in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
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 now in the overbought zone.
Major Support Level – $1,800
Major Resistance Level – $1,920
