Ethereum Price Eyes Key Upside Break, $2,200 On The Horizon

Ethereum price found support near $1,855 and climbed higher against the US Dollar. ETH bulls seem to be aiming for a clear move above the $1,925 resistance.

• Ethereum remained stable near the $1,855 and $1,850 levels.
• The price is trading above $1,880 and the 100-hourly Simple Moving Average.
• There is a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could rise further if there is a clear move above the $1,925 resistance.

Ethereum Price Regains Strength

Ethereum’s price started a downside correction below the $1,880 support. ETH found support near the $1,855 level and remained well-bid, similar to Bitcoin.

A low was formed near $1,855 before the price climbed above $1,880. A high is now formed near $1,934 and the price is consolidating gains. It is trading above the 50% Fib retracement level of the upward move from the $1,855 swing low to the $1,934 high.

Ether price is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,925 zone. The next major resistance is near the $1,940 zone. A close above the $1,940 resistance zone could start a strong increase. In the stated case, the bulls might aim for a move above the $2,000 resistance.

A close above the $2,000 level might send the price toward the $2,120 resistance. The next major resistance might be $2,200. Any more gains could set the pace for a test of the $2,350 resistance.

Dips Supported in ETH?

If Ethereum fails to clear the $1,940 resistance, it could start another downside correction. Initial support on the downside is near the $1,890 level or the 100-hourly Simple Moving Average.

The next major support is near the $1,880 zone and the trend line, below which ether price might decline toward the $1,855 level. If there is a break below $1,855, the price might extend its decline toward $1,825.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,880

Major Resistance Level – $1,940

Source: Read Full Article