Ethereum price has started a new uptrend above the $1,800 resistance against the US Dollar. ETH is showing positive signs and could rise towards $2,000.
- Ethereum remained strong above the $1,700 region and recovered its losses.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- An important bullish trend line is forming with support at $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair closes above the $1,850 resistance, it could rally towards $2,000.
Ethereum Price Heading Towards Upside
Ethereum price started a decline below the $1,750 support. However, buyers were active above the $1,700 support region. A low was formed near $1,713 and ETH price started a new uptrend similar to bitcoin.
The price gained momentum above the $1,750 and $1,780 resistance levels. There was a clear move above the $1,800 resistance zone. The upside was such that the price even surged above the $1,850 resistance zone. A high was formed near $1,858 and the price is now consolidating gains. An important bullish trend line is forming with support at $1,780 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,830 level. The next major resistance is near the $1,850 level. If the price closes above the $1,850 resistance zone, a strong uptrend could begin.
The next target for buyers could be $2,000. Further gains could accelerate to test the $2,120 resistance in the near term.
Downside Break in ETH?
If Ethereum fails to surpass the $1,850 resistance, it could start another decline. The first support on the downside is near the $1,790 level and the trend line. The next major support is near the $1,765 level or the 61.8% Fib retracement level of the rise from the $1,713 low to $1,858 high. A break below $1,765 could lead the price to decline towards $1,720. Further losses may require testing the $1,660 level.
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 – $1,765
- Major Resistance Level – $1,850
