Ethereum Price Rebounds Above $1,875 Support, Bulls Eyeing $1,940 Resistance
Ethereum's price has shown resilience, finding support above the $1,875 zone against the US Dollar.
Ethereum’s price has shown resilience, finding support above the $1,875 zone against the US Dollar. A potential double bottom pattern is taking shape around this level, indicating a possible trend reversal.
After a dip below the $1,900 support, ETH bulls emerged near $1,875, laying the groundwork for a fresh upward move. The price successfully broke the $1,900 resistance and cleared a key bearish trend line near $1,900 on the hourly chart of ETH/USD . Moreover, the pair surpassed the 50% Fibonacci retracement level of the recent decline from the $1,944 swing high to the $1,874 low.
However, Ethereum is currently trading below $1,920 and the 100-hourly Simple Moving Average. Immediate resistance lies near the $1,920 level, coinciding with the 61.8% Fibonacci retracement level of the recent drop. To gain further bullish momentum, ETH must overcome the first major resistance near the $1,940 zone, paving the way for a potential rise towards the $1,985 resistance. If buying pressure persists, the price could target the $2,000 level and potentially extend gains to $2,050 or even $2,080.
Conversely, a failure to clear the $1,920 resistance may trigger a fresh decline. Initial support awaits near $1,900, and if breached, the $1,875 level becomes crucial. Further downside momentum could lead to a test of the next major support at $1,825. A more significant drop may open the doors for a move towards the $1,780 support level in the near term.
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