Ethereum price started a fresh increase above the $1,750 zone. ETH is now rising and might aim for a move above the $1,880 resistance zone.
- Ethereum remained strong above $1,720 and started a fresh increase
- The price is trading above $1,800 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,880 resistance zone.
Ethereum Price Gains Momentum
Recently, Ethereum has demonstrated robust price activity by remaining supported above the $1,720 zone and initiating a fresh surge, similarly to what we observed in Bitcoin. ETH has successfully climbed beyond key resistance levels of $1,780 and $1,800, setting the stage for a more substantial price increase.
The bullish momentum has pushed Ethereum’s price above $1,850, reaching a high of $1,872, and it is now in a phase of consolidating its gains. A minor decline has been noted, with the price testing the 23.6% Fibonacci retracement level of the upward movement from the $1,733 swing low to the $1,872 high.
Currently, Ethereum’s price rests above $1,800 and the 100-hourly Simple Moving Average. However, it appears to be encountering resistance near the $1,850 level. Additionally, a short-term contracting triangle is forming, with resistance located at $1,860 on the hourly chart of ETH/USD.
Looking ahead, the next significant resistance level stands at $1,880, followed by the first major resistance at $1,920. A decisive move above the $1,920 resistance could lead the price towards the $1,950 resistance level. Ultimately, if Ether breaches the $1,950 mark, we may see it rise towards the $2,000 resistance zone, or even $2,050 in the near term.
What If Ethereum Declines?
On the contrary, if Ethereum fails to overcome the $1,880 resistance, we could witness a fresh decline. Initial support is observed near the $1,840 level, with primary support located around the $1,800 zone, also coinciding with the 50% Fibonacci retracement level of the upward movement from the $1,733 swing low to the $1,872 high.
A clear drop below the $1,800 support may push the price down towards the $1,765 support level. Additional losses could lead the price further down to the key $1,720 support level, with the next major support situated at $1,650.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
Major Support Level: $1,800
Major Resistance Level: $1,880
