Ethereum Price Looks Set For Another Leg Over $2K
Ethereum price is trading in a positive zone above $1,850 support against the US Dollar. ETH could rally toward $2,000 if it stays above the $1,880 support.
- Ethereum is consolidating and facing resistance near the $1,925 level.
- The price is trading above $1,850 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again if it clears the $1,925 resistance.
Ethereum Price Remains Supported
Ethereum’s price started a fresh increase from the $1,800 support zone. ETH gained pace and was able to settle above the $1,850 resistance zone, similar to Bitcoin.
The upward move was such that the price even cleared the $1,880 resistance. A high is formed near $1,940 and the price is now consolidating gains. It is trading near the 50% Fib retracement level of the recent increase from the $1,873 swing low to the $1,940 high.
Ether price is also well above $1,850 and the 100-hourly Simple Moving Average. Besides, there is a key contracting triangle forming with resistance near $1,920 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,925 level and the triangle region. A close above the $1,925 level might start a fresh rally. In the stated case, the price could rise toward the $1,960 resistance. Any more gains could send Ether toward the $2,000 resistance. Finally, if the bulls remain in action, there could be a drift toward the $2,120 level where the bears might take a stand and protect more gains.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,925 resistance, it could start another decline. Initial support on the downside is near the $1,890 level and triangle trend line.
The next major support is near the $1,880 zone or the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the recent increase from the $1,873 swing low to the $1,940 high, below which ether price might revisit the $1,840 support zone. Any more losses may perhaps take the price toward $1,800 in the near term.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,880
Major Resistance Level – $1,925
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