Ethereum price is up more than 7% and is trading above $2,000 against the US dollar. ETH picked up pace after XRP surged more than 80% and cleared $0.90.
- Ethereum is up more than 7% from the $1,850 support zone.
- The price is trading above $1,980 and the 100-hour Simple Moving Average.
- There was a break above a major contracting triangle with resistance near $1,885 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise towards the $2,050 and $2,120 resistance levels.
Ethereum price is aiming higher
Ethereum price held up well above the $1,850 zone. ETH started a decent surge after XRP surged more than 50%. There was a move above the main $1,890 resistance zone. Many altcoins, including MATIC, SOL, BNB, and ADA, have made significant gains in the past few hours.
There was also a break above a major contraction triangle with resistance near $1,885 on the ETH/USD hourly chart. The pair gained more than 7% and even surpassed the $2,000 resistance zone. A high is forming near $2,027 and the price is now consolidating gains.
Ether is trading above USD 1,980 and the 100-hour Simple Moving Average. It is also well above the 23.6% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high.
Source: ETHUSD at TradingView.com
On the upside, immediate resistance is near the $2,025 level. The first major resistance is near the $2,050 zone, above which the price could rise towards the $2,120 resistance zone. The next major resistance is near the $2,200 level. Any further gains could send Ether towards the $2,250 or even $2,350 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the $2,025 resistance, it could start a downside correction. The first support on the downside is near the $2,000 level.
The first major support is near the $1,980 level, below which the price could test the $1,945 level. It is close to the 50% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high. The next major support is near the $1,905 level. More losses could send Ether towards the $1,865 support level in the near term.
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 above the 50 level.
Major Support Level – $1,945
Major resistance level – $2,050
