Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,880 Is Critical

Ethereum

Ethereum price is aiming for a fresh increase above the $1,880 zone against the US Dollar. ETH could rally unless there is a close below the $1,830 support.

Ethereum Price Holds Support

Ethereum’s price started a decent increase from the $1,800 zone. ETH climbed above the $1,850 and $1,860 levels. However, the bears are still active near $1,880, similar to Bitcoin.

A high was formed near $1,876 and the price saw a downside correction. There was a move below the $1,860 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.

Ether is now trading above $1,830 and the 100-hourly Simple Moving Average. There is also a bullish flag pattern forming with resistance near $1,860 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $1,860 level and the trend line. The first major resistance is near the $1,875 level. The next key resistance is near the $1,880 level, above which the price might rise toward the $1,920 zone. Any more gains might send the price toward the $2,000 hurdle. A close above the $2,000 level could set the pace for a larger increase.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,845 level and the 100-hourly Simple Moving Average.

The first major support is near the $1,835 zone or the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high, below which the price might test the $1,820 support zone. The next major support is near the $1,800 support level. Any more losses might start a strong decline to $1,720.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,830

Major Resistance Level – $1,880

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