- Ethereum is showing positive signs above $1,860.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD, there is a clear downtrend line forming with resistance near $1,865.
Ethereum price has recovered losses and is trading above $1,860. ETH must surpass $1,920 to start a strong increase in the near term.
Ethereum Price Surges Above $1,800
After a major decline, Ethereum found support near $1,775. ETH formed a base and started a new increase by breaking above the $1,800 resistance zone, similar to Bitcoin.
The $1,840 and $1,850 resistance levels were clearly surpassed. Additionally, there was a significant downtrend line with resistance near $1,865 on the hourly chart of ETH/USD. A peak was formed around $1,898 and the price is currently consolidating gains.
ETH/USD 1 Hour Price Chart
Ethereum price is currently trading above $1,850 and the 100 hourly simple moving average. Additionally, the last increase from the $1,777 low to $1,898 high is below the 23.6% Fib retracement level.
The next major resistance is near the $1,900 zone. The next important resistance is near $1,920 (multiple touch zone). A move above the $1,900 and $1,920 resistance levels could send Ethereum towards $1,950. The next resistance is near $2,000, above which Ethereum could rise towards $2,040. Further gains above the $2,040 resistance zone could send the price towards the $2,120 resistance.
Can ETH Continue To Decline?
If Ethereum fails to surpass the $1,900 resistance, it could start another decline. The first support level on the downside is near the $1,860 level and the 100 hourly simple moving average.
The next major support level is near the $1,840 zone or the 50% Fib retracement level of the last increase from the $1,777 low to $1,898 high. If there is a break below the $1,840 support, the price could drop towards the $1,800 support. Further losses could send the price towards $1,775 or even $1,740 in the coming sessions.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
- Major Support Level – $1,840
- Major Resistance Level – $1,920
