- Ethereum is slowly recovering from the $1,840 support area.
- The price is trading above $1,870 and the 100 hourly simple moving average.
- On the hourly ETH/USD chart, there was a break above a key bearish trend line with resistance near $1,870.
Ethereum price is rising steadily above the $1,870 resistance. ETH could attempt to surpass the significant $1,920 resistance.
Ethereum Price Approaching $1900
Ethereum’s price managed to stay above the $1,840 support level. ETH formed a base and recently started a recovery wave from the $1,838 low, similar to Bitcoin.
The price broke the $1,870 resistance level. It climbed above the 23.6% Fib retracement level of the downward move from the $1,916 high to $1,838 low. Additionally, there was a break above a significant bearish trend line with resistance near $1,870 on the ETH/USD hourly chart.
Ethereum price is currently trading above $1,870 and the 100 hourly simple moving average. The same chart also indicates the possibility of a short-term inverse head and shoulders formation. The next resistance is near the 61.8% Fib retracement level of the downward move from the $1,916 high to $1,838 low, around $1,940.
ETH/USD 1 Hour Price Chart
A proper move above the $1,880 and $1,885 resistance levels could send Ethereum towards $1,920. The next major resistance is near the 61.8% Fib retracement level of the downward move from the $1,916 high to $1,838 low, around $1,940. Further gains above the $2,000 resistance zone could send the price towards the $2,120 resistance.
Could There Be a New Drop in ETH?
If Ethereum fails to surpass the $1,898 resistance, it could start another decline. The first support on the downside is near the $1,870 level and the 100 hourly simple moving average.
The next major support is near the $1,855 level. If the $1,855 support is broken, the price could drop towards the $1,840 support. Further losses could send the price towards the $1,800 level or even the $1,740 level in the coming sessions.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining 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 – $1,898
