Ethereum price is rising at a pace above $1,940 against the US Dollar. ETH could continue higher if it clears the $2000 resistance area.
- Ethereum is moving higher towards the $2000 region.
- The price is trading above $1,920 and the 100 hourly simple moving average.
- There is a connected bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise by 5%-8% if there is a close above the $2,000 resistance in the near term.
Ethereum price hike
Ethereum price formed a base above the $1,850 support area. ETH started a new rally above the $1,880 level and moved into positive territory, outperforming bitcoin.
There was a clear move above the $1,950 resistance area. The price even traded to a new multi-day high at $1,975 and is currently consolidating gains. There was a slight decline below the $1.965 level. The price tested the 23.6% Fibonacci retracement level of the recent increase from the $1,889 swing low to the $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.
source: ETHUSD on TradingView.com
The immediate resistance is near the $1,975 level. The next major resistance is near the $2000 level. A close above the $2,000 area could lead to a new high. The next resistance is near $2050, above which the price could accelerate upwards towards the $2120 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 start a downside correction. Initial support is on the downside near the $1950 level and the trend line area.
The next major support is near the USD 1,930 level. It is close to the 50% Fibonacci retracement level of the recent increase from the $1,889 swing low to $1,974 swing high and the 100 hourly simple moving average. If there is a move below $1930, the price could drop towards $1900. Any further losses could send the price towards the USD 1,880 support.
Technical indicators
MACD hourly – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is now below the 50 level.
The main support level is $1,930
The main resistance level is $2,000
