Ethereum broke the USD 1,850 resistance to continue rising against the US dollar. The ETH price hit a new all-time high at USD 1,917 and continues to be supported for further upward movements.
- Ethereum started a fresh spike above the $ 1,850 mark and traded up to $ 1,917.
- The price is now trading well above $ 1,850 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke above a large bearish trendline with resistance near USD 1,800.
- The pair may correct lower, but the bulls should remain active near $ 1,880 and $ 1,850.
Ethereum price breaks key hurdle
Ethereum remained stable above $ 1,800 and eventually gained strength above the $ 1,820 and $ 1,840 resistance levels. A base of support was established near $ 1,800 before rising again.
More importantly, there was a break on the hourly chart of ETH / USD above a large bearish trendline with resistance near USD 1,800. The pair gained pace above the $ 1,850 resistance and was well above the 100-hour simple moving average.
Ether even hit the $ 1,900 level and hit a new all-time high of $ 1,917. The price is currently consolidating gains near the $ 1,900 level. Initial support is near the USD 1,890 level. It is close to the 23.6% fib retracement level of the recent spike from $ 1,801 to $ 1,917.
Source: ETHUSD on TradingView.com
On the upside, the ether price could cancel out the highs of $ 1,917 and $ 1,920. A successful break above the recent high should open the doors to a push above the USD 1,950 level. The next big resistance for the bulls is at $ 2,000.
Fresh bath at ETH?
Unless Ethereum extends its surge past the $ 1,920 level, there could be a downside correction. The first major support is near the $ 1,880 level. The next major support is near the $ 1,850 level. It is close to the 50% fib retracement level of the recent spike from $ 1,801 to $ 1,917.
The main support is near the $ 1,800 level and the 100-hour simple moving average. A downside break below the $ 1,800 support could require a sharp drop to $ 1,700.
Technical indicators
Hourly MACD – – The MACD for ETH / USD shows positive signs in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is now well above the 50 level.
Main support tier – $ 1,850
Main Resistance Level – $ 1,920
