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Ethereum Approaches $1900: Will the Rise Continue?

  • 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 (ETH)

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-saatlik

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
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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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