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Ethereum prices have begun a new increase beyond the $1,750 zone. ETH is currently on the rise and could be aiming to move beyond the $1,880 resistance zone.
- Ethereum remains strong above $1,720 and begins a new increase
- The price is trading above $1,800, and is a simple moving average of 100 hours.
- The timely chart of ETH/USD (data feed via Kraken) forms a short-term contract triangle with resistance formed at $1,860.
- The pair could begin a new increase once they clear the $1,880 resistance zone.
Ethereum prices gain momentum
Ethereum prices remained supported beyond the $1,720 zone, and began another increase, like Bitcoin. ETH set a larger tone of increase, above the $1,780 and $1,800 resistance levels.
The Bulls even went above $1,850. The high was formed at $1,872, and prices are currently consolidating profits. There was a slight decline, with the price tested a FIB retracement level of 23.6% for upward movements to a swing low of $1,733 at $1,872.
Ethereum prices are currently trading above $1,800, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $1,850 level. It also forms a short-term contract triangle that is formed on the ETH/USD hourly wage chart with a resistance of $1,860.
The next important resistance is close to the $1,880 level. The first major resistance is close to the $1,920 level. A clear move above the $1,920 resistance could turn the price towards the $1,950 resistance. An upward break above the $1,950 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,000 resistance zone, and even $2,050.
Another reduction in ETH?
If Ethereum fails to clear its $1,880 resistance, it could begin a new decline. The initial support for the downside is close to the $1,840 level. The first major support is near the $1,800 zone, with a 50% FIB retracement level upward movement from a swing of $1,733 to a height of $1,872.
A clear move below $1,800 support could push the price up to $1,765 support. Any further losses could send prices towards a support level of $1,720 in the short term. The following key support is $1,650:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,800
Major Resistance Levels – $1,880
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