Ethereum price is trading above $1,920 against the US Dollar. ETH is likely to gain bullish momentum and it may soon break the $2,000 resistance.

  • Ethereum is attempting to break out of the $1,920 area.

  • The price is trading above the $1,900 level and the 100 hourly simple moving average.

  • There was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD (data source from Kraken).

  • The pair could steadily rise towards the $2,000 resistance in the near term.

Ethereum Price Aims Higher

Ethereum price remains above the $1,820 support area. ETH formed support and started a fresh increase above $1,880, outperforming bitcoin.

There was a clear break above the $1,920 resistance area. Moreover, there was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD. The price even hit a new multi-day high at $1,960 and is currently consolidating gains.

It is currently showing positive signs and it might continue to rise towards the $2,000 resistance soon. Ethereum is currently trading above $1,900 and the 100 hourly simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $1,889 swing low to $1,960 high.

An immediate resistance is near the $1,960 level. The next major resistance is near the $2,000 level. A close above the $2,000 area is likely to spark a fresh rally. The next resistance is near the $2,050 level, above which the price is likely to move towards the $2,120 level. Any further gains could push Ethereum towards the $2,220 resistance level.

Is ETH's downside limited?

If Ethereum fails to clear the $1,960 or $1,980 resistance levels, it could start a downside correction. An initial support on the downside is near the $1,930 level.

The next major support is near the $1,920 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,889 swing low to $1,960 high. The first major support is near the $1,900 level and the 100 hourly simple moving average. If the price declines below $1,900, the price could drop towards $1,880. Any more losses could push the price towards the $1,840 support level.