- Ethereum (ETH) is as of now gaining pace over the $1,840 resistance zone.
- The price is trading over $1,820 and the 100-hourly Simple Moving Average.
- There is a key positive tendency tendency line forming with support near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could boost further if it stays over the $1,835 and $1,820 support levels.
Ethereum (ETH) Price Profits Bullish Momentum
Ethereum’s price formed a base over the $1,800 level of support. Ethereum (ETH) started a decent increase over the $1,820 resistance level and averted more losses, similar to Bitcoin.
There was a clear move over the $1,830 and $1,840 resistance levels. The price even spiked over $1,870. A high is formed near $1,873 and is as of now consolidating profits over the 23.6 percent Fib retracement level of the past few wave from the $1,793 swing low to the $1,873 high.
Ether is now trading over $1,820 and the 100-hourly Simple Moving Average. There is likewise a key positive tendency tendency line forming with support near $1,835 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,880 zone and the past few higher. The 1st major resistance is near the $1,920 level. A close over the $1,920 resistance could spark more positive tendency moves. The following resistance sits near $1,940, over which Ethereum (ETH) could boost toward $2,000.
Source: ETHUSD on TradingView.com
If the bulls remain in action, Ethereum (ETH) could boost toward $2,040. Any more profits over the $2,040 resistance zone could start a steady increase toward the $2,120 resistance.
Are Dips Supported in ETH?
If Ethereum (ETH) fails to clear the $1,880 resistance, it can potentially start a downside correction. Initial support on the downside is near the $1,850 level.
The following major support is near the $1,835 zone and the tendency line. It is next to the 50 percent Fib retracement level of the past few wave from the $1,793 swing low to the $1,873 high. The main support sits at $1,820. If there is a close below the $1,820 support, the price could move into a bearish zone. In the stated case, the price can potentially fall toward the $1,780 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the positive tendency zone.
Hourly RSI – The RSI for ETH/USD is over the 50 level.
Major Support Level – $1,830
Major Resistance Level – $1,880
