- Ethereum is currently targeting a new increase above the $1,920 resistance zone.
- The price is trading above $1,880 and the 100 hourly simple moving average.
- On the hourly ETH/USD chart, there is a significant bullish trend line formed with support near $1,880.
Ethereum price corrected gains from the $1,920 resistance. ETH may aim to move towards $2,000 soon.
Ethereum Price Trying to Hold at $1900
Ethereum’s price started a good increase above the $1,800 resistance. ETH even broke the $1,880 level before bears, similar to Bitcoin, brought the price down around $1,920.
There was a correction below the $1,900 and $1,885 levels. The price sharply declined below the 50% Fib retracement level of the rise from the $1,837 low to $1,929 high. However, bulls were active above the $1,870 level.
On the hourly ETH/USD chart, there is also a significant bullish trend line formed with support near $1,880. The trend line is close to the 61.8% Fib retracement level of the rise from the $1,836 low to $1,929 high.
ETH/USD 1 Hour Price Chart
Ethereum is still trading above $1,880 and the 100 hourly simple moving average. The next major resistance is near $1,910. The next significant resistance level is around $1,920. A close above the $1,920 resistance could send Ethereum towards $2,000.
The next resistance level is near $2,040, above which Ethereum could gain momentum towards $2,120. Any further progress above the $2,120 resistance zone could send the price towards the $2,200 resistance.
If ETH Cannot Hold Support, the Decline Could Deepen
If Ethereum cannot surpass the $1,920 resistance, it could continue to decline. The first support level in the downward direction is around $1,885.
The next significant support level is around $1,870 or the trend line. If there is a close below the $1,870 support, the price could drop towards the 100 hourly simple moving average. Further losses could send the price towards $1,815 in the upcoming sessions, and below that, it could test $1,800.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is above the 50 level.
- Important Support Level – $1,870
- Important Resistance Level – $1,920
