Ethereum Price Just Reversed and $1,920 is Imminent, Here’s Why

2023-06-21 03:37:17

Ethereum price is showing positive signs above $1,770 against the US Dollar. ETH could gain bullish momentum if it clears the $1,820 resistance zone.

Ethereum is moving higher above the $1,750 and $1,770 resistance levels.
The price is trading above $1,770 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support near $1,735 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further above the $1,820 and $1,850 resistance levels.

Ethereum Price Jumps 4%

Ethereum’s price formed a support base above the $1,700 level. ETH started a decent increase after Bitcoin rallied above the $27,000 resistance zone. It broke the $1,720 resistance to move into a positive zone.

There was a break above the $1,770 resistance zone. It even spiked above $1,800. A high is formed near $1,826 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level of the recent increase from the $1,715 swing low to the $1,826 high.

Ether is now trading above $1,770 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,735 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,820 level. The next major resistance is near the $1,850 level. A successful move above the $1,820 and $1,850 resistance levels might send the price further higher. The next resistance sits near $1,920, above which Ethereum could rise toward the $2,000 level. Any more gains above the $2,000 resistance zone might send the price toward the $2,120 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start a downside correction. Initial support on the downside is near the $1,770 level.

The next major support is near the $1,740 level or the recent low. It is close to the 76.4% Fib retracement level of the recent increase from the $1,715 swing low to the $1,826 high. If there is a break and close below the $1,740 support, the price could drop toward the $1,700 support. Any more losses may perhaps send the price toward the $1,650 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 in the overbought zone.

Major Support Level – $1,740

Major Resistance Level – $1,820

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