Ethereum Price Powers Through Resistance — Eyes on $2,000?

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

Ethereum price remained supported above the $1,720 zone and started another increase, like Bitcoin. ETH climbed above the $1,780 and $1,800 resistance levels to set the tone for a larger increase.

The bulls even pushed the price above $1,850. A high was formed at $1,872 and the price is now consolidating gains. There was a minor decline and the price tested the 23.6% Fib retracement level of the upward move from the $1,733 swing low to the $1,872 high.

Ethereum price is now trading above $1,800 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,850 level. There is also a short-term contracting triangle forming with resistance at $1,860 on the hourly chart of ETH/USD.

The next key resistance is near the $1,880 level. The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,880 resistance, it could start a fresh decline. Initial support on the downside is near the $1,840 level. The first major support sits near the $1,800 zone and the 50% Fib retracement level of the upward move from the $1,733 swing low to the $1,872 high.

A clear move below the $1,800 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits 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 now above the 50 zone.

Major Support Level – $1,800

Major Resistance Level – $1,880