Ethereum is rising and has broken the important resistance of $ 1,800 against the US dollar. The ETH price is showing positive signs and should continue to rise towards USD 2,000.
- Ethereum forms a support base above the USD 1,750 and USD 1,760 levels.
- The price is now well above the $ 1,800 zone and the 100 hour simple moving average.
- On the hourly chart of ETH / USD (data feed via Kraken) there was a break above a large bearish trendline with resistance near USD 1,780.
- The pair could see a sharp rise once it clears the $ 1,850 resistance zone.
The price of the Ethereum is a look at the fresh wave
Ethereum remained well bid above the USD 1,750 support zone. As a result, ETH started a new surge above the USD 1,800 resistance zone, similar to Bitcoin above USD 58,000.
The bulls took control, resulting in a steady rise above the $ 1,800 resistance. It is now well above the $ 1,800 zone and the 100 hour simple moving average. There was also a break above a large bearish trendline with resistance near USD 1,780 on the ETH / USD hourly chart.
The pair is now trading above the 50% fib retracement level of the key drop from the $ 1,944 swing high to the $ 1,710 support zone. Ether price is now testing the resistance zone of $ 1,850. The 61.8% fib retracement level of the key drop from the swing high of $ 1,944 to the $ 1,710 support zone is also near the $ 1,855 level to act as a major hurdle.
Source: ETHUSD on TradingView.com
A successful break above the $ 1,850 and $ 1,855 resistance levels could open the doors to a bigger move higher. The next major resistance is near the $ 1,895 level, above which the ether price could rise to $ 1,920 or even $ 2,000 in the coming sessions.
New decline in ETH?
If Ethereum fails to cross the $ 1,850 and $ 1,855 resistance levels, a new downside correction could be initiated. An initial downward move is near the $ 1,800 level and the 100-hour simple moving average.
The next major support is near the $ 1,750 level, below which the ether price could retest the main $ 1,710 support zone in the near future.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is now gaining pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is well above the 50 level.
Main support tier – $ 1,750
Main Resistance Level – $ 1,855
