Ethereum price started a new rise from the $1,900 support level. ETH now faces resistance near $2,020, above which it may face further gains.
- Ethereum found support near $1,900 and started a nice rise.
- The price is trading above $1,980 and the 100-hour simple moving average.
- There is a key bearish trend line forming with resistance near $2,020 on the hourly charts of ETH/USD (data feed via Kraken).
- If the pair clears the $2,020 resistance zone it could start a strong rise.
Ethereum price is facing obstacles
Last week, Ethereum price started a decline from the $2,120 resistance. ETH fell below the $2,020 and $2,000 supports. It also dropped below the $1,920 support level.
A low was formed near $1,905 and the price started a steady rise like Bitcoin. There was a move above the $1,950 and $1,980 resistance levels. Bulls pushed the price above the 50% Fibonacci retracement level and pushed the price lower from the high of $2,092 to the low of $1,905.
Ethereum is now trading above $1,980 and the 100-hour simple moving average. On the positive side, the price is facing resistance near the $2,020 area.
There is also a key bearish trend line forming with resistance near $2,020 on the hourly charts of ETH/USD. The trend line is near the 61.8% Fibonacci retracement level of the downward move from high $2,092 to low $1,905.
Source: ETHUSD on tradingview.com
A close above the $2,020 resistance could trigger another strong rise. The next resistance is near $2,090, above which the price may aim to move towards $2,120 levels. Any more gains could start a wave towards the $2,200 level.
Another drop in ETH?
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. The initial support on the downside is near the $1,980 level and the 100-hourly simple moving average.
The next major support is $1,950. The main support is $1,900. A fall below the $1,900 support level could lead to more losses. In the described case, Ether may drop towards the $1,850 support zone in the near term. Any further losses may require a drop to the $1,800 level.
technical indicators
hourly macd , The MACD of 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
source: www.newsbtc.com
