Ethereum is trading above the $ 1,850 support against the US Dollar. ETH price is likely to start a strong rise above $ 1,900 and may even exceed the $ 2,000 resistance.
Ethereum is trading above the $ 1,850 support against the US Dollar. ETH price is likely to start a strong rise above $ 1,900 and may even exceed the $ 2,000 resistance.
Ethereum rose as high as $ 1,943 before falling below $ 1,943.
The price is now trading nicely above the $ 1,850 and the 100 hourly simple moving average.
There is a key bullish flag with resistance near $ 1,890 on the hourly chart of ETH / USD.
If there is a close above the $ 1,900 resistance, the pair is likely to start a strong rally.
Ethereum Price Could Accelerate
Ethereum traded above the $ 1,900 resistance when Bitcoin rose above $ 60,000. ETH soared as high as $ 1,943 before encountering sellers.
As a result, there was a downside correction below the $ 1,920 and $ 1,900 levels. Ethereum price even fell below the $ 1,880 support level.
Ethereum is currently trading nicely above $ 1,850 and the 100 hourly simple moving average. At the same time, it is holding the 50% Fib retracement level of the move from the $ 1,722 low to $ 1,943 high.
There is an important bullish flag with resistance near $ 1,890 on the hourly chart of ETH / USD. If there is an upside break above the flag resistance, there is a strong chance of a strong increase above $ 1,900. The next key resistance is near the $ 1,950 level, after which the price could even clear the $ 2,000 resistance zone in the coming sessions.
If Ethereum cannot continue above the $ 1,890 and $ 1,900 resistance levels, it could correct further lower. The first major support is near the $ 1,850 level.
The main support is currently forming near the $ 1,830 level and the 100 hourly simple moving average. If there is a downside break below the $ 1,830 support, the ether price could drop towards the $ 1,800 level. Further losses could require testing of the key $ 1,750 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently above the 50 level.
Major Support Level: $ 1,830
Major Resistance Level: $ 1,900
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