Ethereum Price is Primed For 20% Rally, And Only 1 Thing is Holding it Back

Key Takeaways:

• Ether Price is attempting a fresh increase from the $1,880 support.
• ETH is trading above a major bullish trend line with support near $1,885 on the 4-hour chart.
• The price could rally 20% if there is a close above the 50 Simple moving average (4 hours, blue).

NEW DELHI (CoinChapter.com) — Ethereum’s ETH holds the $1,880 support zone. The price could surge if it clears $1,925 and then $1,975 in the coming sessions.

Ethereum Price (ETH) Eyes Fresh Rally

After struggling to stay above $2,000, Ethereum saw a bearish reaction against the US dollar. The ETH/USD pair traded below the $1,950 support.

The price even spiked below the $1,900 level before the bulls emerged. A low was formed near $1,876, and the price is slowly increasing. There was a move above the 23.6% Fib retracement level of the downward move from the $2,031 swing high to the $1,876 low.

However, the bears seem to be protecting a close above the 50 Simple moving average (4 hours, blue). A steady drift could be if there is a close above the $1,925 resistance and the 50 SMA.

The next major resistance sits near the $1,955 level, above which the price could test $1,975. It is close to the 50% Fib retracement level of the downward move from the $2,031 swing high to the $1,876 low. A successful close above the $1,975 resistance could send Ethereum toward the $2,030 resistance.

The next major resistance is near $2,120, above which the price could surpass the $2,200 hurdle. In the stated case, the bulls might aim for a test of $2,320.

Another Bearish Wave?

Conversely, Ethereum might struggle to clear the $1,955 and $1,975 resistance levels. Immediate support is seen near the $1,900 level. A major bullish trend line is forming with support near $1,885 on the 4-hour chart.

The next major support is near the $1,840 level. If there is a close below $1,840, there is a risk of a larger decline. The price may test the $1,750 support in the stated case. Any more losses below $1,750 could send the price toward the $1,680 zone.

The US Initial Jobless Claims report (released by the US Department of Labor) will be released today. An increase of 5K is expected from 237K to 242K in the week ending July 15, 2023. Any major change might impact Bitcoin and Ethereum in the short term.

Overall, Ether’s price is eyeing a fresh increase. If ETH climbs above the $1,955 resistance, it could start a decent upward move. On the other hand, it could drop toward the $1,840 support.