Ethereum price started a fresh rise from $1,840. $ETH is now consolidating its gains and could aim for a further increase above $2,000.
- Ethereum started a fresh rise above the $1,900 zone.
- The price is trading below $2,000 and the 100 hourly simple moving average.
- A new downtrend line forms with resistance at $2,000 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could begin a further decline if it stays below the $1,880 area.
Ethereum price remains above support
Ethereum price managed to form a base and traded above the $1,900 resistance, similar to Bitcoin. $ETH the price broke above the $1,950 and $2,000 resistance levels.
The bulls even pushed the price above $2,020. A high formed at $2,054 before a downward correction. The price fell below $2,000 and the 50% Fibonacci retracement level increased from the $1,836 low to $2,054 high before the bulls appeared.
Ethereum price is now trading below $2,000 and the 100 hourly simple moving average. If bulls remain in action above $1,900, the price could attempt a further rise. Immediate resistance is seen near the $2.00 level. There is also a new downtrend line forming with resistance at $2,000 on the hourly chart of $ETH/USD.
The first key resistance is near the $2,050 level. The next major resistance is near the $2,120 level. A sharp move above the $2,120 resistance could send the price towards the $2,155 resistance. A bullish break above the $2,155 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $2,220 or even $2,250 in the short term.
Continued decline in $ETH?
If Ethereum fails to breach the $2,000 resistance, it could begin a further decline. Initial support on the downside is near the $1,920 level. The first major support lies near the $1,880 area or the 76.4% Fibonacci retracement level of the upward move from the $1,836 low to $2,054 high.
A sharp move below the $1,880 support could push the price towards the $1,840 support. Any further losses could push the price towards the $1,800 region. The main support could be $1,740.
Technical indicators
Hourly MACD – The MACD for $ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for $ETH/USD is now below the 50 zone.
Major Support Level – $1,880
Major Resistance Level – $2,050
