Ethereum price reversal signals $1,920 is coming.

The Ethereum price is currently exhibiting positive signs above $1,770 against the US Dollar. If it clears the $1,820 resistance zone, ETH could gain bullish momentum. Ethereum is moving higher above the $1,750 and $1,770 resistance levels and is currently trading above $1,770 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support near $1,735. The pair could rise further above the $1,820 and $1,850 resistance levels.

Ethereum’s price recently formed a support base above the $1,700 level and 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, and there was a break above the $1,770 resistance zone, with a spike above $1,800. The price is now consolidating gains and 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, and there is also a major bullish trend line forming with support near $1,735 on the hourly chart of ETH/USD. Immediate resistance is near the $1,820 level, followed by the $1,850 level. If the price successfully moves above these resistance levels, it might rise further higher, with the next resistance sitting near $1,920, above which Ethereum could rise towards the $2,000 level. Any more gains above the $2,000 resistance zone might send the price towards the $2,120 resistance.

However, 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, followed by the next major support near the $1,740 level or the recent low. If there is a break and close below the $1,740 support, the price could drop towards the $1,700 support. Any more losses may perhaps send the price towards the $1,650 zone.

Technical indicators on the hourly chart suggest that the MACD for ETH/USD is losing momentum in the bullish zone, and the RSI for ETH/USD is in the overbought zone. The major support level is at $1,740, while the major resistance level is at $1,820.