Ethereum rose above resistance at $1,940. ETH even soared above $2,000 and could extend those gains in the short term.
Ethereum started to rebound above $1,920 and $1,940.
Prices are now above $1,920 and the 100-hour simple moving average.
On the hourly chart of ETH/USD (via Kraken), a connected bullish trend line has formed around $1,975.
The pair could extend gains if it closes above the $2,000 resistance area.
Ethereum rose 5%
Ethereum remains supported above $1,850. With steady gains, bulls were able to push prices above resistance at $1,920.
Prices even broke through resistance at $1,940 and closed above the 100-hour simple moving average. Finally, a spike above the $2,000 resistance took prices as high as $2,010. Ether is now consolidating gains of nearly $2,000.
It is trading above the 23.6% Fibonacci retracement from the swing low of $1,874 to the high of $2,010. On the hourly chart of ETH/USD, there is a linked bullish trend line forming support around $1,975.
Source: ETHUSD at TradingView.com
On the plus side, initial resistance is around $2,000. The next major resistance level is around $2,040. An appropriate upside break above $2,040 resistance could push prices higher. In that scenario, ether could rally to the $2,120 resistance zone. Any more earnings could push it into the $2,200 resistance zone.
ETH has limited Dips?
If Ethereum fails to continue above the $2,000 resistance level, it could start a downward correction. Initial support on the downside is located around the $1,975 area and trend line.
The next major support level is around $1,940. It is near the fibo 50% retracement from the swing low of $1,874 to the high of $2,010. A break below the $1,940 level could push prices to $1,900. The next major support is around $1,860 and the 100-hour simple moving average.
Technical indicators
The HOURLY MACD -- ETH/USD MACD is now losing momentum in the bullish zone.
The RSI per hour for ETH/USD is now well above the 60 level.
Key support at $1,940
Key resistance level -$2,000