Ethereum Price Rises above $1,880 Resistance
Ethereum's price rises and is attempting a fresh increase above the $1,880 resistance against the US Dollar. The cryptocurrency is trading above $1,880 and the 100-hourly Simple Moving Average, with a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD. If the pair continues to move up and clears the $1,920 resistance zone, it could rise towards the $2,000 resistance.
Ethereum Price Recovers Ground
Ethereum's price remains well-bid above the $1,800 support zone, starting a decent upward move and clearing the $1,850 resistance. The pair even climbed above $1,900, with a high formed near $1,915 and the price consolidating gains. Ethereum is now trading nicely above the 23.6% Fib retracement level, and the immediate resistance is near the $1,915 level.
Next Major Resistance for Ethereum Price
The next major resistance for Ethereum price is forming near $1,940, with an upside break above the $1,940 resistance possibly sending the cryptocurrency towards the $2,000 resistance. If it gains further, Ether could even attempt a move towards the $2,120 resistance. However, if Ethereum fails to clear the $1,915 resistance, it could start a downside correction.
Dips Limited in ETH?
If Ethereum experiences a downside correction, the initial support on the downside is near the $1,890 level, with the next major support near the $1,880 zone. A drop below this level, or the 50% Fib retracement level, might take the ether price towards the 100 hourly SMA. Any further losses may cause the price to drop towards the $1,840 level in the near term.
Conclusion
In conclusion, Ethereum's price has been rising, and it might aim for a move towards $2,000 resistance, with the next major resistance forming near $1,940. However, if the cryptocurrency fails to clear the $1,915 resistance, it could start a downside correction, with support on the downside near the $1,880 zone. Forex traders should keep a close watch on Ethereum's price movements, as it can impact the value of other cryptocurrencies and, in turn, impact forex trading. The currency pair ETH/USD is one of the most popular forex trading pairs and is actively traded in the forex market.