Ethereum price is rising faster than $1,940 against the US dollar. ETH could continue to gain speed if it clears the $2,000 resistance zone.
- Ethereum is moving higher towards the $2,000 zone.
- The price is trading above $1,920 and the 100-hour Simple Moving Average.
- A contiguous bullish trendline is forming with support near USD 1,945 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain 5%-8% if there is a close above the $2,000 resistance in the near term.
Ethereum Price Climbs Higher
Ethereum price formed a base above the $1,850 support zone. ETH started a fresh increase above the $1,880 level and continued into a positive zone, outperforming Bitcoin.
There was clear movement above the $1,950 resistance zone. The price even traded to a new multi-day high of $1,975 and is currently consolidating gains. There was a small drop below the $1,965 level. The price tested the 23.6% Fib retracement level from its recent rise from the $1,889 swing low to the $1,974 high.
Ether is now trading above USD 1,920 and the 100-hour Simple Moving Average. A contiguous bullish trendline is also forming with support near USD 1,945 on the ETH/USD hourly chart.
Source: ETHUSD at 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 spark another increase. The next resistance is near $2,050, above which the price could accelerate higher towards the $2,120 level. Any further gains could send Ether towards the $2,200 resistance.
Are dips supported in ETH?
If Ethereum fails to clear the $1,975 or $2,000 resistance, it could trigger a downside correction. The first support on the downside is near the $1,950 level and trendline zone.
The next major support is near the $1,930 level. It is close to the 50% Fib retracement level of the recent rise from the $1,889 swing low to the $1,974 high and the 100-hour Simple Moving Average. If there is a move below $1,930, the price could drop to $1,900. More losses may 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
Major resistance level – $2,000