Ethereum price climbed above the $1,840 resistance against the US Dollar. ETH is showing positive signs and might aim a move toward the $1,920 resistance. Ethereum is currently gaining pace above the $1,840 resistance zone. The price is trading above $1,820 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise further if it stays above the $1,835 and $1,820 support levels. Ethereum Price Gains Bullish Momentum Ethereum’s price formed a base above the $1,800 support level. ETH started a decent increase above the $1,820 resistance level and averted more losses, similar to Bitcoin. There was a clear move above the $1,830 and $1,840 resistance levels. The price even spiked above $1,870. A high is formed near $1,873 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $1,793 swing low to the $1,873 high. Ether is now trading above $1,820 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD. Immediate resistance is near the $1,880 zone and the recent higher. The first major resistance is near the $1,920 level. A close above the $1,920 resistance could spark more bullish moves. The next resistance sits near $1,940, above which Ethereum could rise toward $2,000. Source: ETHUSD on TradingView.com If the bulls remain in action, Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone could start a steady increase toward the $2,120 resistance. Are Dips Supported in ETH? If Ethereum fails to clear the $1,880 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 level. The next major support is near the $1,835 zone and the trend line. It is close to the 50% Fib retracement level of the recent wave from the $1,793 swing low to the $1,873 high. The main support sits at $1,820. If there is a close below the $1,820 support, the price could move into a bearish zone. In the stated case, the price might drop toward the $1,780 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is above the 50 level. Major Support Level – $1,830 Major Resistance Level – $1,880
