The price of Ethereum started a new growth from $1,840. ETH is now consolidating gains and could target another rally above $2,000.
- Ethereum started a new up move from the $1,900 area.
- The price is trading above $2000 and above the 100 hourly moving average.
- There is a new downtrend line with resistance at $2,000 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new decline if it stays above the $1,880 zone.
Ethereum price remains above support
Ethereum price managed to form a base and trade above the $1,900 resistance, just like Bitcoin. ETH price broke above the $1,950 and $2,000 resistance levels.
The bulls even pushed the price above $2020. Before there was a negative correction, the high level was formed at $2,054. The price broke below $2,000 and the 50% Fib retracement level, which was before the bulls appeared, rose from $1,836 to $2,054.
Ethereum price is currently trading below $2,000 and the 100-hour Simple Moving Average. If the bulls remain active above $1,900, the price may attempt another rally. Immediate resistance is seen near the $2.00 level. A new downtrend line is 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 clear move above the $2,120 resistance could send the price to the $2,155 resistance. An upper break in the $2,155 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2220 or even $2250 in the near future.
Continued negative ETH?
If Ethereum fails to clear the $2,000 resistance, it may start a new decline. Initial support on the downside is near the $1,920 level. The first major support is located near the $1,880 area or the 76.4% Fib retracement level on the upward move from the low swing of $1,836 to $2,054.
A clear move from the $1,880 support could push the price to $1,840. Any further losses could send the price to the $1,800 zone. Key support could be $1,740.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
The main support level is $1,880
The main resistance level is $2,050
