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Ethereum price is gaining pace above the $1,780 resistance against the US Dollar. ETH could rally if it clears the $1,850 resistance zone.
- Ethereum is gaining pace above the $1,760 and $1,780 levels.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if it clears the $1,840 resistance zone.
Ethereum Price Gains Momentum
Ethereum price started a fresh increase from the $1,700 support zone. ETH gained pace for a move above the $1,720 and $1,750 resistance levels, similar to bitcoin.
The price even cleared the $1,800 resistance zone and the 100 hourly simple moving average. The price traded as high as $1,828 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $1,686 swing low to $1,828 high.
Ether price is now trading above $1,780 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,780 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $1,825 zone. The next major resistance is near the $1,840 zone. A clear move above the $1,840 resistance zone might start a strong increase. The next major resistance might be $1,880.
Source: ETHUSD on TradingView.com
Any more gains could set the pace for a test of the $1,950 resistance zone in the near term, above which the bulls could aim a move towards the $2,000 resistance zone.
Dips Supported in ETH?
If ethereum fails to clear the $1,840 resistance, it could start a downside correction. An initial support on the downside is near the $1,780 level and the trend line.
The next major support is near the $1,745 zone or the 61.8% Fib retracement level of the upward move from the $1,686 swing low to $1,828 high. The main support is now near the $1,700 zone. If there is a break below $1,700, the price might resume its decline towards $1,665. Any more losses might call for a test of the $1,620 level.
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 above the 50 level.
Major Support Level – $1,745
Major Resistance Level – $1,840
