It seems Ethereum will break out from the $1850 resistance level and make a run toward the $2000 line. The cryptocurrency is currently traded above the $1850 resistance line and 100 hourly Simple Moving Average.
The currency has collected a decent upwards momentum to break through the $1860 bearish trendline. Ethereum seems to be following the broader trend set by BItcoin which crossed the $28,880 threshold.
The Ethereum – US dollar pair even surpassed the $1900 line and formed a peak at $1915. The pair is consolidating its gains as Ethereum strengthens further.
An immediate resistance level seems to be forming at $1915. Charted on the recent increase from the $1,843 swing low to the $1,915 high Ethereum is trading well above the 23.6% Fib retracement level.
Source: NewsBTC
If Ether is to break out from the $1915 resistance the next major resistance level is $1940 followed by $2000. The current upswing indicates that the cryptocurrency has gathered enough momentum to break out from $2000 resistance zone as well to touch the next line at $2,120 resistance,
Counter view:
If Ethereum fails to break out and begins to fall then the initial support to correction can be expected at the $1890 level.
The key support zone is indicated by the 50% fib retracement line on the $1,843 swing low to the $1,915 high chart. This falls in the $1850 zone.
