Ethereum Price Ready to Surge—$2,000 Level Could Be Within Reach
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance.
Ethereum started a fresh recovery wave above the $1,820 resistance.
The price is trading above $1,820 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it breaks the $1,850 resistance level.
Ethereum Price Remains Supported For Gains
Ethereum price remained supported and started a fresh increase above $1,780, like Bitcoin. ETH gained pace for a move above the $1,800 resistance zone.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low. Besides, there is a connecting bullish trend line forming with support at $1,810 on the hourly chart of ETH/USD.
Ethereum price is now trading above $1,820 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,840 level and the 76.4% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low.
The next key resistance is near the $1,850 level. The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start a fresh downside correction. Initial support on the downside is near the $1,825 level. The first major support sits near the $1,810 zone and the trend line.
A clear move below the $1,810 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits at $1,665.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,810
Major Resistance Level – $1,850
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
