Ethereum regains power and it is poised to break above the $2000 price range against the US dollar. ETH could even start a new increase higher so let’s read more in our latest Ethereum news today.
The price is now trading nicely above the $1850 and the 100 hourly simple moving average while there’s another key bullish flag forming with the resistance near the $1890 on the hourly charts of the pair. The ETH/USD pair will likely start a huge surge if it manages to surge above the $1900 resistance. ETH traded above the $1900 resistance once BTC climbed above the $60K and ETH traded as high as $1943 before it faced the sellers.
As a result, there was a downside correction below the $1920 and the $1900 levels so the price decline below the $1800 support level and a new break below the 23.6% fib retracement level from the upwards move at $1,722 low to $1943 high. Ether is now trading nicely above the $1850 and the 100 hourly simple moving average and it is holding the 50% fib retracement level from the upwards movement of the $1722 swing low to the $1943 high.
There’s another key bullish flag forming with the resistance close to the $1890 on the hourly chart of the pair and if there’s an upside break above this flag resistance, there are more chances of a strong increase above the $1900 and the next key resistance is close to the $1950 level above which the price could clear the $2000 resistance zone in the next near-term. if ETH fails to continue higher above the $1900 resistance levels, there’s a chance it will decline lower and the first key support is near the $1850 level.
The main support is forming near the $1830 level and the 100 hourly simple moving average but if there’s a downside break below this support, the price could drop to $1800. More losses could retest the $1750 support zone in the near-term while the technical indicators like the MACD for the pair are getting power in the bullish zone. Ethereum regains power with the hourly RSI being in the 50 level, and BTC corrects slightly from the weekend drop by $4K in a few hours and we saw the value of the market cap losing $120 million as well.
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