Ethereum extended its gains above the USD 1,750 and USD 1,800 resistance levels against the US dollar. The ETH price is showing positive signs and it is likely that the USD 2,000 resistance zone will be revisited.
- Ethereum is gaining bullish momentum above the USD 1,700 and USD 1,800 resistance levels.
- The price is now trading well above USD 1,800 and the 100-hour simple moving average.
- A crucial bullish trendline is forming with support near USD 1,750 on the ETH / USD hourly chart (data feed via Kraken).
- The pair may correct lower, but there are high chances of movement towards the USD 2,000 zone.
Ethereum price rises by 5%
Ethereum remained in a positive zone above the USD 1,650 resistance after yesterday’s upside break, similar to bitcoinETH gained bullish momentum and even broke the USD 1,700 resistance level.
As a result, the bulls took over and the price soared above the USD 1,800 level. It traded towards a new weekly high near USD 1,858 and is showing positive signs. Ether is now trading well above USD 1,800 and the 100 simple hourly moving average.
An initial support is near the USD 1,810 level. It is close to the 23.6% Fib retracement level of the recent rise from the $ 1,649 swing low to $ 1,858 high.
A crucial bullish trendline is also forming with support near USD 1,750 on the ETH / USD hourly chart. The trend line is close to the latest USD 1,750 breakout zone. The 50% Fib retracement level from the recent rise from the $ 1,649 swing low to $ 1,858 high is also near $ 1,750.
Source: ETHUSD on TradingView.com
On the upside, the USD 1,880 level is an immediate hurdle for the bulls. A clear break above the USD 1,880 level could open the doors for more gains above the USD 1,900 level. In the case mentioned, the price could climb above the USD 1,950 level. The next main resistance is near the USD 2000 level.
Dips supported in ETH?
If Ethereum does not continue above the USD 1,880 and USD 1,900 resistance levels, it could start a downside correction. Initial support on the downside is near the USD 1,810 level.
The main support is now forming near the trendline and USD 1,750. If there is a downside break below the trendline support, there is a risk of a decline towards the USD 1,650 support.
MACD per hour The MACD for ETH / USD is showing positive signs in the bullish zone.
RSI per hour The RSI for ETH / USD is now well above the 60 level.
Major Support Level – USD 1,750
Major Resistance Level – $ 1,880