• Ethereum price is trading above $1,800 and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $1,830 on the 4-hours chart.
• The next major resistance is near the $1,950 zone and any more gains could send the price toward $2,000 or higher.
Ethereum Price Analysis
Ethereum price is consolidating above the $1,830 level against the US Dollar. ETH/USD could rise further if it clears the $1,950 resistance zone. There is a major bullish trend line forming with support near $1,830 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it stays above the $1,800 support zone.
Upside Breakout
In the past few days, Ethereum saw a decent increase above the $1,750 level against the US Dollar. ETH price was able to gain pace for a move above the $1,800 level and the 55 simple moving average (4 hours). The bulls even pushed the price above the $1,850 resistance zone. Finally, the price spiked above the $1,920 level and tested the $1,950 resistance zone. A high is formed near $1,943 and currently correcting gains.
Support Levels
There was a minor decline below the $1,900 level. Ether price declined below 23.6% Fib retracement level of upward move from swing low at$ 1 ,763 to high at$ 1 ,943 . It is now consolidating above$ 1 ,850 and 55simple moving average( 4hours ) . Immediate resistance on upside is near$ 1 ,920level .The next majorresistanceisnear$ 1 , 950zoneandlasts winghigh . Any more gainscouldsendtheprice toward$ 2 , 000 . Initial supporton downsideisnear$ 1 , 850levelandtrendline .It coincides with50 %Fibretracementlevelofupwardmovefromswinglowat$ 1 , 763to highat$ 1 , 943 .Thenextmajorsupportisnownear$ 1 , 800level .A breakbelowthe$ 1 , 800supportcouldpushthepriceto$ 1 , 700 .Anymore lossescouldleadthepricetowards$ 1 , 650 .
Technical Indicators
Looking at charts Ethereum’spriceisclearlytradingabovethe$ 1800zoneand55simplemovingaverage( 4hours) Overall ether pricemayclimbfurtherifitstayabovethe1800supportzone Technical indicatorsare: •MACD –TheMACDforETH / USDislosingmomentuminbullishzone •RSI (RelativeStrengthIndex)-TheRSIforETH / USDisnowabove50level
Conclusion
Ethereumpriceisconsolidatingabovethe1830levelagainstUSdollar ETH / USDmayrisefurtherifitclearsthe1950resistanc ez one Majorbullishtrendlineformingwithsupportnearto1830onthe4 – hourschart Initial supporton downsideisnear1800levelAnymorelossescouldlead th epricetowards1650