Ethereum price is rising at a rate above $1,940 against the US Dollar. ETH could continue to gain pace if it breaches the $2,000 resistance zone.
- Ethereum is moving higher towards the $2,000 zone.
- The price is trading above $1,920 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $1,945 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally 5-8% if there is a close above the $2000 resistance any time soon.
Ethereum price climbs higher
Ethereum price formed a base above the $1850 support zone. ETH started a fresh rise above the $1880 level and moved further into a positive zone, outperforming Bitcoin.
There was a clear move above the $1,950 resistance zone. The price even traded to a new multi-day high at $1,975 and is currently consolidating gains. There was a minor decline below the $1,965 level. The price tested the 23.6% Fibonacci retracement level of the recent rise from the $1,889 low to $1,974 high.
Ether is now trading above $1,920 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,975 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a new rally. The next resistance lies near $2,050, above which the price could accelerate towards the $2,120 level. Further gains could send Ether towards the $2,200 resistance.
Are ETH dips allowed?
If Ethereum fails to clear the resistance at $1,975 or $2,000, a downward correction could begin. Initial support on the downside is near the $1950 level and the trend line zone.
The next big support is near the $1,930 level. It is near the 50% Fibonacci retracement level of the recent rise from the $1,889 low to $1,974 high and the 100 hourly simple moving average. If there is a move below $1,930, the price could drop to $1,900. Any further losses could perhaps send the price towards the $1,880 support.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,930
Highest Resistance Level: $2,000
