Ethereum price stays strong at $1,800, indicating potential upside.
The Ethereum price is holding onto gains above the $1,800 level against the US Dollar. If it manages to surpass the $1,880 resistance zone, ETH could experience bullish momentum.
- Ethereum is currently attempting to increase its value starting from the $1,820 zone.
- The price is trading close to $1,865 and the 100-hourly Simple Moving Average.
- A bearish trend line connecting resistance near $1,838 was broken on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair successfully clears the $1,880 resistance in the near future, it could steadily rise.
Ethereum Price Aims Fresh Increase
Ethereum’s price initially corrected downwards below the $1,865 support level. However, unlike Bitcoin, the downsides were limited as it briefly dipped below $1,820.
A low was formed near $1,817 and the price is now attempting to increase once again. The $1,840 resistance zone was broken, and a bearish trend line connecting resistance near $1,838 was also breached on the hourly chart of ETH/USD.
Ether is currently testing the 50% Fibonacci retracement level of the downward move from the $1,912 swing high to the $1,817 low. It is also trading near $1,865 and the 100-hourly Simple Moving Average.
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The immediate resistance level is near $1,875 or the 61.8% Fibonacci retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance level is around $1,900, with the first breakout level near $1,920.
Source: ETHUSD on TradingView.com
A close above the $1,920 zone could initiate a fresh rally, with the next resistance level situated near $2,000. If this level is surpassed, the price could rise towards $2,050. Any further gains may push Ether towards the $2,120 resistance level.
Another Decline in ETH?
If Ethereum fails to clear the $1,875 or $1,880 resistance levels, it could experience another decline. The initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.
The next major support level is around $1,840, with the first major support level near $1,820. If the price moves below $1,820, it could drop towards $1,790. Further losses may potentially bring the price towards the $1,740 support level.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $1,820
Major Resistance Level – $1,880