Ethereum price is gradually rising and it is approaching the $2,000 resistance level against the US Dollar. Ethereum’s rally has been more positive compared to bitcoin.


Ethereum price is currently still struggling to get close to the $2,000 level.
ETH price is trading above $1,850 and it is also above the 100 hourly simple moving average.
On the hourly chart of the ETH/USD pair, a support line connecting the uptrend can be seen at around $1,880 (data from Kraken).
This is likely to provide support for further upside in the pair, with targets likely to be above $1,920 and $1,950.

Ethereum price continues to hold support

Ethereum price has established support and slowly moved up above the $1,850 resistance area. Unlike bitcoin, ETH even managed to break the $1,880 level and moved up to the $1,920 resistance area.

The price has reached $1,915 and it is currently consolidating gains. There was a minor downside correction below the $1,900 level. The price has declined below the 50% Fibonacci retracement level of the uptrend from the $1,858 swing low to $1,915 high.

Nevertheless, the bulls are protecting the support below $1,880 to prevent further declines. They are defending the 61.8% Fibonacci retracement level of the up move from the $1,858 swing low to $1,915 high.

Ethereum is currently trading above $1,880 and it is above the 100 hourly simple moving average. There is also a connecting uptrend support line formed with support around $1,880 on the hourly chart of the ETH/USD pair.

Source: ETHUSD on TradingView

On the positive side, the price of Ethereum is facing resistance near the $1,900 level. The first major resistance level is located at $1,920. If ETH manages to break above the $1,920 resistance level, it could lead to more bullish momentum and it could even break above $1,950. In such a case, the price could be expected to move towards the key $2,000 level. The next key resistance level could be located near the $2,050 level and once it is crossed, the price could quickly rise to the $2,120 level.

Can Ethereum sustain a price drop?

If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. An initial downside support is at the $1,880 level or near the trend line.

The next key support is $1,860 or the 100 hourly moving average. The main support is at $1,850. A break below the $1,850 support could initiate a bearish trend. In such a case, the price of Ethereum could decline to the $1,750 level.

Technical indicators:

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,920