Ethereum broke the $1,850 resistance to continue higher against the US Dollar. ETH price traded to a new all-time high at $1,917 and it remains supported for more upsides.
- Ethereum started a fresh increase above the $1,850 barrier and traded as high as $1,917.
- The price is now trading well above $1,850 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to remain active near $1,880 and $1,850.
Ethereum Price Breaks Key Hurdle
Ethereum remained stable above $1,800 and it finally managed to gain strength above the $1,820 and $1,840 resistance levels. A support base was formed near $1,800 before there was a fresh increase.
More importantly, there was a break above a major bearish trend line with resistance near $1,800 on the hourly chart of ETH/USD. The pair gained pace above the $1,850 resistance and settled nicely above the 100 hourly simple moving average.
Ether even cleared the $1,900 level and traded to a new all-time high at $1,917. The price is currently consolidating gains near the $1,900 level. An initial support is near the $1,890 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,801 swing low to $1,917 high.
Source: ETHUSD on TradingView.com
On the upside, ether price could clear the $1,917 high and $1,920. A successful break above the recent high is likely to open the doors for a push above the $1,950 level. The next major resistance for the bulls sits at $2,000.
Fresh Dip in ETH?
If Ethereum fails to extend its rise above the $1,920 level, there could be a downside correction. The first major support is near the $1,880 level. The next key support is near the $1,850 level. It is close to the 50% Fib retracement level of the recent increase from the $1,801 swing low to $1,917 high.
The main support is forming near the $1,800 level and the 100 hourly simple moving average. A downside break below the $1,800 support might call for a sharp decline to $1,700.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,920
