Ethereum started another spike after the bulls defended $ 1,700 against the US dollar. The ETH price is likely to remain above the main resistance of $ 2,000.
- Ethereum is showing positive signs above the USD 1,850 and USD 1,900 resistance levels.
- The price is now well above $ 1,900 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a large bearish trendline with resistance near $ 1,840.
- The pair is likely to break above $ 2,000 and could accelerate higher in the short term.
Ethereum Prize Gains at Tempo P
Ethereum remained well bid above the recent swing low near USD 1,700. ETH formed a base above $ 1,700 and started a sharp surge. The bulls pushed the price above the $ 1,850 resistance zone.
The ETH / USD hourly chart also broke through a major bearish trendline with resistance near $ 1,840. The pair climbed above the 61.8% fib retracement level of the major decline from the high of $ 2,038 to the low of $ 1,715.
It is now well above $ 1,900 and the 100-hour simple moving average. Ether price is consolidating above the 76.4% fib retracement level of the major decline from the high of $ 2,038 to the low of $ 1,715.
Source: ETHUSD on TradingView.com
It appears the price could continue to climb above $ 1,980. The next major resistance is near the $ 2,000 zone. Further gains could set the pace for a move towards the $ 2,115 mark. It is close to the 1,236 Fib extension level of the major decline from the high of $ 2,038 to the low of $ 1,715. Medium resistance could be near the $ 2,050 level.
New decline of ETH?
If Ethereum fails to break the $ 2,000 and $ 2,050 resistance levels, it could see another drop. Initial support on the downside is near the USD 1,920 mark.
The first major support is now forming near the $ 1,875 level and the 100 hour SMA. A break below the $ 1,875 zone could take the price further down. In the aforementioned case, the price could continue to drop towards the $ 1,800 mark.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the upward zone.
Hourly RSI – The RSI for ETH / USD is currently well above the 60 mark.
Large support level – $ 1,875
Large Resistance Level – $ 2,000