Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher.
- Ethereum found support near $1,900 and started a decent increase.
- The price is trading above $1,980 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase if it clears the $2,020 resistance zone.
Ethereum Price Faces Hurdles
This past week, Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support.
A low was formed near $1,905 and the price started a steady increase, like Bitcoin. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,020 zone.
There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
Source: ETHUSD on TradingView.com
A close above the $2,020 resistance could start another strong increase. The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.
Another Drop in ETH?
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level and the 100-hourly Simple Moving Average.
The next key support is $1,950. The main support is $1,900. A downside break below the $1,900 support might trigger more losses. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.
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 above the 50 level.
Major Support Level – $1,950
Major Resistance Level – $2,020
