Ethereum Price Sees Bullish Breakout And Why Dips Turn Attractive
Ethereum price climbed above the $1,840 resistance against the US Dollar. ETH is showing positive signs and might aim a move toward the $1,920 resistance.
- Ethereum is currently gaining pace above the $1,840 resistance zone.
- The price is trading above $1,820 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if it stays above the $1,835 and $1,820 support levels.
Ethereum Price Gains Bullish Momentum
Ethereum’s price formed a base above the $1,800 support level. ETH started a decent increase above the $1,820 resistance level and averted more losses, similar to Bitcoin.
There was a clear move above the $1,830 and $1,840 resistance levels. The price even spiked above $1,870. A high is formed near $1,873 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $1,793 swing low to the $1,873 high.
Ether is now trading above $1,820 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,880 zone and the recent higher. The first major resistance is near the $1,920 level. A close above the $1,920 resistance could spark more bullish moves. The next resistance sits near $1,940, above which Ethereum could rise toward $2,000.
Source: ETHUSD on TradingView.com
If the bulls remain in action, Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone could start a steady increase toward the $2,120 resistance.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,880 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 level.
The next major support is near the $1,835 zone and the trend line. It is close to the 50% Fib retracement level of the recent 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 might drop toward the $1,780 support zone.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,830
Major Resistance Level – $1,880
Source: Read Full Article