Ethereum price is rallying above $1,850 against the US Dollar. ETH is clearly following Bitcoin’s rally and might soon test the $2,000 resistance zone.
Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further above the $1,930 and $1,950 resistance levels.
Ethereum Price Surges Over 6%
Ethereum’s price started a steady increase above the $1,720 resistance zone. Recently, #bitcoin saw a major increase and helped #ETH to clear the $1,850 resistance.
The price is up over 6% and there was a move above the $1,900 level. A high is formed near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high.
Ether is also well above $1,850 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels might send the price further higher. The next resistance sits near $2,000, above which Ethereum could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.
Are Dips Supported in ETH?
If #Ethereum fails to clear the $1,950 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.
The next major support is near the $1,880 level or the recent low. If there is a break and close below the $1,880 support, the price could drop toward the $1,820 support or the 50% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high. Any more losses may perhaps send the price toward the $1,780 zone or the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is in the overbought zone.
Major Support Level – $1,780
Major Resistance Level – $1,950
source: newsbtc
image source: AI
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.