Ethereum price is gaining pace above $1,920 against the US Dollar. ETH could gain bullish momentum and it may clear the $2,000 resistance soon.
- Ethereum is attempting a new rally above the $1,920 area.
- The price is trading above $1,900 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could steadily rise towards the $2,000 resistance in the near term.
Ethereum price is aiming higher
Ethereum price remained well bid above the $1,820 support area. ETH formed a support base and started a new rally above the $1,880 level, outperforming bitcoin.
There was a clear move above the $1,920 resistance area. Besides, there was a break above a major bearish trend line with resistance near $1.925 on the hourly chart of ETH/USD. The price traded to a new multi-day high at $1,960 and is currently consolidating gains.
It is now showing positive signs and may soon continue to rise towards the $2000 resistance. Ether is now trading above $1,900 and the 100 hourly simple moving average. It is also above the 23.6% Fibonacci retracement level of the upward move from the $1889 swing low to $1960 swing high.
source: ETHUSD on TradingView.com
The immediate resistance is near the USD 1,960 level. The next major resistance is near the $2000 level. A close above the $2,000 area could lead to a new high. The next resistance is near the USD 2050 level, above which the price might rise towards the USD 2120 level. Any further gains could send Ether towards the $2,220 resistance.
Are Dips Limited in ETH?
If Ethereum fails to clear the $1,960 or $1,980 resistance levels, it could start a downside correction. Initial support is located on the downside near the $1,930 level.
The next major support is near the $1,920 level. It is close to the 61.8% Fibonacci retracement level of the upward move from the $1889 swing low to $1960 swing high. The first major support is near $1,900 and the 100 hourly simple moving average. If there is a move below $1900, the price could drop towards $1880. Any further losses could send the price towards the $1,840 support.
Technical indicators
MACD hourly – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is now below the 50 level.
The main support level is $1900
The main resistance level – 1,960 USD