Ethereum price corrected gains from the $1,920 resistance against the US Dollar. ETH is currently supported and might soon aim for a move toward $2,000.

Ethereum is currently eyeing a fresh increase above the $1,920 resistance zone.
The price is trading above $1,880 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $1,920 resistance.

Ethereum Price Remains Supported

Ethereum’s price started a decent increase above the $1,800 resistance. ETH even broke the $1,880 level before the bears appeared near $1,920 and pushed the price lower, similar to Bitcoin.

There was a downside correction below the $1,900 and $1,885 levels. The price spiked below the 50% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high. However, the bulls were active above the $1,870 level.

There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high.

Ether is still trading above $1,880 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,910 zone. The next major resistance is near the $1,920 level. A close above the $1,920 resistance could send Ether toward $2,000.

Source: ETHUSD on TradingView.com

The next resistance sits near $2,040, above which Ethereum could gain pace toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,200 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,885 level.

The next major support is near the $1,870 zone or the trend line. If there is a close below the $1,870 support, the price could decline toward the 100 hourly SMA. Any more losses may perhaps send the price toward the $1,815 level in the coming sessions, below which it could test $1,800.

Technical Indicators

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

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

Major Support Level – $1,870

Major Resistance Level – $1,920

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Filed under: Bitcoin - @ May 30, 2023 3:40 am