Ethereum Price Holds Strong at $1,800 – A Strong Case for Upside
Ethereum price is holding gains above the $1,800 level against the US Dollar. ETH could gain bullish momentum if it clears the $1,880 resistance zone.
Ethereum is attempting a fresh increase from the $1,820 zone.
The price is trading near $1,865 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if it clears the $1,880 resistance in the near term.
Ethereum Price Aims Fresh Increase
Ethereum’s price started a downside correction below the $1,865 support. ETH even spiked below the $1,820 level but the downsides were limited, unlike Bitcoin.
A low is formed near $1,817 and the price is now attempting a fresh increase. There was a break above the $1,840 resistance zone. Besides, there was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD.
Ether is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. It is also trading near $1,865 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $1,875 level or the 61.8% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance is near the $1,900 level. The first breakout level is near the $1,920 level.
Source: ETHUSD on TradingView.com
A close above the $1,920 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $1,875 resistance or $1,880, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.
The next major support is near the $1,840 level. The first major support is near $1,820. If there is a move below $1,820, the price could drop toward $1,790. Any more losses may perhaps send the price toward the $1,740 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,820
Major Resistance Level – $1,880
