Ethereum price sees additional gains as when compared to the US dollar, Ethereum picked up speed and overcame the $1,800 resistance. ETH is increasing and may do so further as it approaches the $2,000 resistance level.
Ethereum continued to move higher and was well bid over the $1,800 support.
Price is currently trading over $1,820 and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a significant bullish trend line is developing, with support located close to $1,880.
The $1,980 and $2,000 levels may still be within reach for the pair as they continue to climb higher.
Ethereum Price Sees Additional Gains
Over $1,750, Ethereum continued to trade at a healthy premium. Following a clear move above the $1,800 resistance area, ETH picked up speed. It even rose above $1,880 at one point.
The price moved as high as $1,943 after a rise above the $1,920 resistance. A recent downward adjustment occurred below the $1,900 mark. The recent climb from the $1,655 low to the $1,943 high was retraced at a 23.6% Fibonacci level, which was tested by the price of ether.
The price was still strongly bid above $1,880, though. On the hourly chart of ETH/USD, a significant bullish trend line with support close to $1,880 is also developing.
The price of ether is currently trading over $1,820 as well as the 100 hourly simple moving average. A point of immediate upward resistance is located close to the $1,920 mark. The $1,940 level serves as the first significant resistance. A definite move above $1,940 could signal the beginning of a continuous rise to the $2,000 level. The price may in the near future move toward the $2,120 resistance area if there are additional upsides.
ETH Dips Limited?
Ethereum may begin a negative correction if it is unable to break over the $1,940 resistance. The $1,880 area and the trend line provide some initial support on the downside. Near $1,855, there comes the next significant support.
Below the $1,800 level, which corresponds to the 50% Fib retracement level of the most recent gain from the $1,655 low to the $1,943 high, there is a possibility of further losses. The price of ether may drop near the $1,765 support in the aforementioned scenario. If there are any more losses, the $1,720 mark may need to be tested.
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