Key Takeaways:
- Ether price is correcting gains from the $1,940 region.
- ETH/USD holds a major bullish trend line with support near $1,820 on the 4-hours chart.
- The price could stage a new increase unless there is a downside break below $1,800.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH is consolidating above $1,820. The price could rally if there is a close above $1,880 and then $1,900.
Ethereum Price (ETH) Remains In An Uptrend
Ethereum and Bitcoin saw a decent increase against the US dollar this past week. The ETH/USD pair broke many hurdles near $1,850 to move further into a positive zone.
The bulls pushed the price to a new monthly high above $1,900. However, they failed to pump the price toward the $2,000 resistance zone. Instead, a high was formed near $1,943 before a downside correction occurred.
The price declined below the $1,900 and $1,880 levels. It even declined below the 50% Fib retracement level of the upward move from the $1,763 swing low to the $1,943 high.
Ether price still holds gains above the $1,850 level and the 50 Simple moving average (4 hours, blue). It also follows a major bullish trend line with support near $1,820 on the 4-hours chart. The trend line coincides with the 61.8% Fib retracement level of the upward move from the $1,763 swing low to the $1,943 high.
Immediate resistance is near the $1,888 level. The first major resistance is near the $1,900 zone. A close above the $1,900 resistance might start another increase.
The next major resistance is near the $1,940 level, above which Ethereum’s price might rise toward the $2,000 resistance. After that, more gains could send the price toward the $2,200 level.
More Downsides?
Conversely, the price might fail to clear the $1,900 resistance zone. In the stated case, it could correct further lower. Immediate support on the downside sits near the $1,850 level.
The next major support is near the $1,820 and trend lines. If a move is below $1,820, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,760 support. Any more losses below $1,760 could send the price toward the $1,720 zone.
Overall, Ether’s price is trading above major support at $1,850. If it remains stable above the 50 Simple moving average (4 hours, blue), it could rally toward $2,000. Conversely, the price might correct lower and test $1,760.
The post Ethereum Price Prints Signs of Fresh Rally, $2K-2.2K Are Likely Targets appeared first on CoinChapter.
