Key Takeaways:
- Ether Price is attempting a new increase from the $1,800 support.
- ETH/USD faces a major bearish trend line with resistance near $1,910 on the 4-hour chart.
- The price could rally if it settles above the trend line and then $1,960.
WISCONSIN (CoinChapter.com) — Ethereum’s ETH is moving higher after the rake hike by Fed. The price could gain bullish momentum if there is a clear move above $1,910.
Ethereum Price (ETH) Aims Higher
After another decline, Ethereum found support near $1,800 against the US dollar. After that, the ETH/USD pair traded as low as $1,808 and recently started an upside correction.
Recently, a couple of key events impacted the financial market, including the Fed raising interest rates to 5.25% and a sharp decline in oil prices. However, Bitcoin and Ethereum remained stable and saw a recovery wave.
The price climbed above the $1,875 resistance zone and the 50 Simple moving average (4 hours, blue). Besides, the bulls pushed the price above the 50% Fib retracement level of the downward move from the $1,940 high to the $1,808 low.
It is now facing a major bearish trend line with resistance near $1,910 on the 4-hour chart. In addition, the trend line is close to the 76.4% Fib retracement level of the downward move from the $1,940 high to the $1,808 low.
The next major resistance is near the $1,940 level. The main resistance sits near the $1,960 level. A close above the $1,960 resistance might start a fresh rally. In the stated case, Ethereum could rise toward the $2,060 resistance.
In the stated case, a drift toward the $2,150 resistance is possible. Any more gains could send the ETH price toward the $2,250 level.
Another Decline?
Conversely, the price might fail to clear the $1,910 resistance zone. In the stated case, it could start another decline. Immediate support on the downside sits near the $1,880 level and the 50 Simple moving average (4 hours, blue).
The next major support is near the $1,840 level. The main support sits at $1,800. If a move is below $1,800, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,720 support. Any more losses below $1,720 could send the price toward the $1,640 zone.
Overall, Ether’s price is attempting an upside break above $1,910. If the bulls succeed, the price could rally further above $2,000. Conversely, the price might correct lower and test $1,800.
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