Ethereum price started a new rise from the $1,900 support. ETH currently faces resistance near $2,020 and could rise above that.
- Ethereum found support near $1,900 and began a significant increase.
- The price is trading above $1,980 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,020.
- A break out of the $2,020 resistance area could start a strong rally for the currency pair.
Ethereum Price Faces Hurdles
Last week, Ethereum price began a downward correction from the $2,120 resistance. ETH fell below the $2,020 and $2,000 support levels. It also surged below the support level of $1,920.
A low was formed near $1,905 and the price began a steady rise like Bitcoin. There was a move above the $1,950 and $1,980 resistance levels. The uptrend pushed the price above the 50% Fib retracement level moving downward from the $2,092 swing high to the $1,905 low.
Ethereum is currently trading above $1,980 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,020.
Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,020. The trend line is near the 61.8% Fib retracement level moving down from the $2,092 swing high to the $1,905 low.
Source: ETHUSD on TradingView.com
A break above the $2,020 resistance could begin another strong rally. The next resistance level is near $2,090, if it breaks above it could target an advance towards the $2,120 level. Any more gains could start a wave towards the $2,200 level.
Another decline in ETH?
If Ethereum fails to clear the $2,020 resistance, a new downtrend could begin. Initial support on the downside is near the $1,980 level and the 100-hourly simple moving average.
The next major support is at $1,950. The main assistance amount is $1,900. A decline below the $1,900 support could result in further losses. If indicated, Ethereum may decline towards the $1,850 support area in the near term. Any more losses could lead to a drop to the $1,800 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1,950
Key Resistance Level – $2,020