Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,880 Is Critical
Ethereum price is aiming for a fresh increase above the $1,880 zone against the US Dollar. ETH could rally unless there is a close below the $1,830 support.
- Ethereum is facing major resistance near $1,875 and $1,880.
- The price is trading above $1,830 and the 100-hourly Simple Moving Average.
- There is a bullish flag pattern forming with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $1,860 and $1,880 resistance levels.
Ethereum Price Holds Support
Ethereum’s price started a decent increase from the $1,800 zone. ETH climbed above the $1,850 and $1,860 levels. However, the bears are still active near $1,880, similar to Bitcoin.
A high was formed near $1,876 and the price saw a downside correction. There was a move below the $1,860 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
Ether is now trading above $1,830 and the 100-hourly Simple Moving Average. There is also a bullish flag pattern forming with resistance near $1,860 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $1,860 level and the trend line. The first major resistance is near the $1,875 level. The next key resistance is near the $1,880 level, above which the price might rise toward the $1,920 zone. Any more gains might send the price toward the $2,000 hurdle. A close above the $2,000 level could set the pace for a larger increase.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,845 level and the 100-hourly Simple Moving Average.
The first major support is near the $1,835 zone or the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high, below which the price might test the $1,820 support zone. The next major support is near the $1,800 support level. Any more losses might start a strong decline to $1,720.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,830
Major Resistance Level – $1,880
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