Credit: Original article published by newsbtc.

Ethereum traded to yet another all-time high at $1,950 against the US Dollar. ETH price is correcting gains, but it is likely to remain strong above $1,900 and $1,880.

  • Ethereum is following a bullish path and it climbed to a new all-time high at $1,950.
  • The price is now trading well above $1,900 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip further, but the bulls are likely to remain active near $1,880.

Ethereum Price Remains In Uptrend

Ethereum remained well bid above $1,850 and it extended its upward move. The price gained momentum above the $1,900 level and it even surpassed $1,920.

It traded to a new all-time high at $1,950, but there was no test of the $2,000 level. The price is currently correcting lower and trading below $1,920. It is testing the $1,910 support and the 23.6% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high.

Source: ETHUSD on TradingView.com

There is also a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD. On the upside, ether is facing resistance near the $1,950 level. The next hurdle could be $1,960 and the channel upper trend line.

A clear break above the channel resistance could open the doors for a push towards the $1,980 level. The main target for the bulls is still near the $2,000 level.

Dips Supported in ETH?

If Ethereum fails to extend its rise above the $1,950 level, there could continue to move down. The first major support is near the $1,910 level and the channel trend line. The next key support is near the $1,880 level.

Any more losses might lead the price towards the $1,850 support zone. It is close to the 50% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high. The 100 hourly simple moving average is also near the $1,850 zone. A downside break below the $1,850 support might call for a drop towards the $1,780 level.

Technical Indicators

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

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

Major Support Level – $1,880

Major Resistance Level – $1,950

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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