Ethereum price strengthens, but downtrend resistance remains.

The Ethereum price has rebounded and reached over $1,860 against the US Dollar. To see a strong increase in the near future, ETH must surpass the $1,920 mark. Ethereum is displaying favorable signals above the $1,860 level. The price is currently trading above $1,850 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a break above a key bearish trend line with resistance near $1,865, according to data feed via Kraken. Nevertheless, the pair may still encounter difficulty in clearing the $1,920 resistance zone. Ethereum’s price found support near the $1,775 zone following a significant decline. ETH formed a base and initiated a fresh increase above the $1,800 resistance zone, similar to Bitcoin. There was a clear move above the $1,840 and $1,850 resistance levels. Furthermore, there was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD. A high of $1,898 was established, and the price is presently consolidating gains. Ether is now trading above $1,850 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. The immediate resistance is around the $1,900 zone. The next major resistance is around the $1,920 level, a multi-touch area. A proper move above the $1,900 and $1,920 resistance levels might send Ether toward $1,950. Ethereum could rise toward $2,040 if it breaks above the $2,000 resistance level. Any more gains above the $2,040 resistance zone might send the price toward the $2,120 resistance. If Ethereum fails to clear the $1,900 resistance, it could begin another decline. The initial support on the downside is around the $1,860 level and the 100-hourly Simple Moving Average. The next major support is around the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any more losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions. The hourly MACD for ETH/USD is losing momentum in the bullish zone. The RSI for ETH/USD is above the 50 levels. The major support level is $1,840, whereas the major resistance level is $1,920.

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