Ethereum price jumped over 5% and surpassed $1,850 against the US Dollar. ETH might extend its rally if it clears the $1,920 and $2,000 resistance levels.
- Ethereum gained bullish momentum after it broke the $1,850 resistance.
- The price is trading above $1,850 and the 100-hourly Simple Moving Average.
- There was a break above a rising channel with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if it clears the $1,920 resistance zone.
Ethereum Price Rallies 5%
Ethereum price formed a base above the $1,760 support zone. ETH remained well-bid and started a fresh increase above the $1,800 and $1,820 resistance levels.
It outperformed Bitcoin when there was a clear move above the $1,850 resistance zone. The price rallied over 5% and surpassed the $1,880 resistance zone. During the increase, there was a break above a rising channel with resistance near $1,880 on the hourly chart of ETH/USD.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,840 Major Resistance Level – $1,925