ethereum price is rising above $1,850 against the US dollar. eth is outperforming bitcoin and could rise further towards the $2,000 resistance.
- ethereum is gaining pace to advance towards the $2,000 level.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,870 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue moving above the $1,920 and $1,950 levels.
ethereum price surpasses bitcoin
ethereum remained in a positive zone above the $1,780 support zone. eth started a new rise and was able to overcome the $1,850 resistance, outperforming bitcoin.
The price even shot up above the $1,900 level. It traded at a new multi-week high of $1,912 and the price is now consolidating gains. It is now trading near the 23.6% Fibonacci retracement level of the upward move from the low of $1,781 to the high of $1,912.
ethereum is now trading above $1,850 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,870 on the hourly chart of eth/USD.
<img decoding="async" class="alignnone size-full wp-image-559260" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-3.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,900 level. The first major resistance lies at $1,920. If eth breaks the $1,920 resistance, it could rise towards the $1,950 barrier. Any further gains could open the doors for a test of the $2,000 level. The next key resistance is near $2,050, above which the price could accelerate towards the $2,120 level.
Are drops in eth limited?
If ethereum fails to overcome the $1,920 resistance, it could start a downward correction. Initial support on the downside is near the $1,870 level or the trend line.
The next key support is $1,850 or the 100 hourly SMA. It is also near the 50% retracement level of the upward move from the low of $1,781 to the high of $1,912. A downside break below the $1,850 support could trigger a bearish wave. In the indicated case, Ether could fall towards the $1,780 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,850
Main Resistance Level: $1,920
