Ethereum started a significant increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.
Ethereum found support near $1,680 and started a new increase. The price now trades above $1,800 and the 100 hourly simple moving average.
There was a break above a significant bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise further towards the $1,950 and $2,000 levels.
Ethereum remained well bid above the $1,650 level. ETH formed a base and started a fresh increase above the $1,750 resistance zone. The bulls pumped the price above the $1,800 level.
The price climbed higher and even broke the $1,850 resistance. Finally, there was a move above $1,900 and the price settled above the 100 hourly simple moving average.
A high was formed near $1,919, and the price is now consolidating gains. It trades well above $1,800 and the 100 hourly simple moving average.
Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to the $1,919 high. Immediate resistance on the upside is near the $1,920 level. The first significant resistance is near the $1,950 level.
A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls remain in action, the price may rise towards the $2,120 resistance zone in the near term.
If Ethereum fails to rise above the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 zone. The next significant support is near $1,800.
The primary support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to the $1,919 high, below which there is a risk of a sharp decline.
In the stated case, ether price may decline towards the $1,750 support. Any more losses might call for a test of the $1,700 level. - newsbtc