Ethereum Price Corrects Gains But This Support Could Spark Fresh Increase

Ethereum price rallied above the $1,900 resistance against the US Dollar. ETH is correcting gains and trading near key support at $1,880. Ethereum jumped above $1,900 and tested the $1,925 resistance zone. The price is trading above $1,850 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise again if it stays above the $1,880 and $1,850 support levels. Ethereum Price Remains Supported Ethereum’s price climbed higher above the $1,850 resistance zone. ETH outperformed Bitcoin and even cleared the $1,900 resistance zone. A high was formed near $1,925 before the price started a downside correction. There was a drop below the $1,900 support zone. The price declined below the 50% Fib retracement level of the upward move from the $1,859 swing low to the $1,924 high. However, the bulls were active above the $1,850 support zone. Ether’s price is now trading above $1,850 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the price is facing resistance near the $1,900 level. The next major resistance is near the $1,925 zone. A clear move above the $1,925 resistance zone might send the price toward the $2,000 resistance. The next major resistance might be $2,120. Any more gains could set the pace for a test of the $2,200 resistance. Intermediate resistance might be near $2,165. More Losses in ETH? If Ethereum fails to clear the $1,925 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 $1,875 zone or the 76.4% Fib retracement level of the upward move from the $1,859 swing low to the $1,924 high, below which ether price might decline toward the $1,840 level. The next key support is near the $1,800 zone. If there is a break below $1,800, the price might resume its decline toward $1,740 in the coming days. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,840 Major Resistance Level – $1,925