Ethereum Price Holds Firm Above $1,800
The price of Ethereum continues to sustain its gains above the $1,800 level against the US Dollar. If it manages to overcome the resistance zone of $1,880, it could potentially gain bullish momentum.
Ethereum Attempts Fresh Increase from $1,820 Zone
Ethereum has been trying to initiate a fresh increase from the $1,820 zone. Moreover, it is currently trading close by to the $1,865 level and the 100-hourly Simple Moving Average. Recently, there was a breakthrough above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD.
| Key Aspects: |
| – Fresh increase attempted from $1,820 zone |
| – Currently trading close to $1,865 and the 100-hourly Simple Moving Average |
| – Breakthrough above a connecting bearish trend line with resistance near $1,838 |
| – Potential for further increase if the $1,880 resistance is cleared in the near term |
Ethereum’s Price Recovery Post Downward Correction
Ethereum‘s price witnessed a downward correction below the $1,865 support level. The lowest point reached was near the mark of $1,817. However, the extent of the downsides were limited compared to Bitcoin.
The coin is now trying to induce a fresh increase and has managed to rise above the $1,840 resistance zone. There was also a breakthrough above a connecting bearish trend line with resistance nearing $1,838 on the hourly chart of ETH/USD.
Ethereum Tests the Level between $1,912 high and $1,817 low
Ethereum is now challenging the 50% Fib retracement level between the $1,912 high and the $1,817 low. In addition to this, it is also trading near $1,865 and the 100-hourly Simple Moving Average. The immediate resistance exists around the $1,875 mark, which is equivalent to the 61.8% Fib retracement level from the $1,912 high to the $1,817 low. Major resistance lies near $1,900, with the first breakout level near the $1,920 mark.
Source: ETHUSD on TradingView.com
Potential for a Fresh Rally Above $1,920
If the coin manages to stay above the $1,920 threshold, it might trigger a fresh rally. The next resistance level lies near $2,000. If Ethereum surpasses this level, the price could further increase towards the $2,050 level. Any further increases could potentially lead Ether towards the $2,120 resistance point.
Risks of Another Decline in ETH Price
If Ethereum fails to overcome the $1,875 resistance or the $1,880 level, it could potentially trigger 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 located nearly at the $1,840 level. The first major support is in the proximity of $1,820.
- If there is a plunge below $1,820, the price might decline towards $1,790.
- If the trend of losses continues, it may force the price towards 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 currently below the 50 level.
- Major Support Level – $1,820
- Major Resistance Level – $1,880
