- Ethereum price is eyeing an upside break above the $1,950 resistance against the US Dollar.
- ETH price is now trading near $1,900 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $1,890 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,880 support zone.
Ethereum price is consolidating above the $1,850 level against the US Dollar. ETH/USD could rise again if it clears the $1,950 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a bearish wave from the $2,030 zone against the US Dollar. ETH price declined below the $1,950 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $1,900 level. A low was formed near $1,873 and the price is now attempting a fresh increase. There was a move above the $1,900 resistance level. The price broke the 23.6% Fib retracement level of the downward wave from the $2,029 swing high to the $1,873 low.
It is now trading near $1,900 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $1,920 level. The next major resistance is near the $1,950 zone.
The 50% Fib retracement level of the downward wave from the $2,029 swing high to the $1,873 low is also near the trend line. A clear move above the $1,950 level could send the price toward $1,975. Any more gains could even send the price toward the $2,030 resistance zone or $2,080 in the near term.
On the downside, initial support is near the $1,890 level. There is also a key bullish trend line forming with support near $1,890 on the 4-hour chart. The next major support is now near the $1,880 level. A break below the $1,880 support could push the price to $1,822. Any more losses could lead the price toward $1,780 or even $1,720 in the coming days.
Looking at the chart, Ethereum price is clearly trading near the $1,900 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,880 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,890, followed by the $1,880 zone.
Key Resistance$ Levels – $1,920 and $1,950.