Ethereum hit a new all-time high near $ 1,870 before correcting lower against the US dollar. ETH price is holding gains and is likely to accelerate towards $ 2,000.
- The ETH price moved in a strong upward trend and rose by over USD 1,850 against the US dollar.
- The price is trading well above the $ 1,750 level and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the ETH / USD 4-hour chart (data feed via Kraken) with support near USD 1,800.
- The pair is likely to stay above the $ 1,850 and $ 1,900 levels in the upcoming sessions.
The Ethereum holds profits
For the past week, Bitcoin and Ethereum rose steadily against the US dollar above $ 1,700 and $ 45,000, respectively. ETH was trading at a new all-time high near USD 1,870 before initiating a short-term downward correction.
The price was below the $ 1,800 and $ 1,780 support levels. However, the bulls were active above the $ 1,750 level. A low is being formed near $ 1,761 and the price is currently consolidating well above the simple moving average of 100 (4 hours).
It tests the resistance level of $ 1,820. It is close to the 50% Fib retracement level of the recent correction from the high of $ 1,870 to the low of $ 1,761. A key bullish trendline is also forming on the 4-hour chart of ETH / USD with support near USD 1,800.
On the upside, the first key resistance is near the USD 1,840 level. The 61.8% fib retracement level of the recent correction from the high of $ 1,870 to the low of $ 1,761 could also act as resistance.
The next major resistance to the upside is near the $ 1,870 high. A sharp break above the $ 1,850 and $ 1,870 levels will most likely open the doors for a steady rise. The next big target for the bulls in the near future could be the $ 2,000 handle.
Dips supported in Ether (ETH)?
If Ethereum is struggling to hit a pace above the USD 1,850 level, it could correct lower. The first major downside support is near trendline support and at $ 1,800.
A downside break below trendline support could potentially require a longer break below the $ 1,761 low. The next big support is near the $ 1,640 level or the simple moving average of 100 (4 hours).
Technical indicators
4 hours MACD – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
4 hour RSI – The RSI for ETH / USD is still above the 50 level.
Main support tier – $ 1,800
Main Resistance Level – $ 1,870