Ethereum gained momentum and passed the $2,000 barrier against the US dollar. ETH continues to consolidate and could rise towards the $2120 resistance.
- Ethereum has extended its rise above the $1920 resistance zone.
- Today, the price traded above $1950. The 100-hourly simple moving average is also in effect.
- On the hourly chart of Ethereum/USD, there was a break above a bearish trend line. Resistance near $1950 was seen (data feed via Kraken).
- This pair may continue rising towards $2,050 or $2,120.
Ethereum price eyes more upsides
Ethereum was well-bought above the $1850 mark. After a clear move beyond the $1.880 resistance zone, ETH began to gain momentum. The $1,920 mark was even exceeded by ETH.
Bulls lifted the price to $1,950 above the resistance level and 100-hourly moving average. The price reached $2,029. Finally, the bulls managed to push the price above the $2,000 resistance. Recently, the downside correction was below the $2,000 mark.
Ether fell below a bullish trend line that was forming, with support close to $2,000 in the hourly charts. Although the price fell below $1,950, the bulls were still active at the 100-hourly simple moving average.
The price fell to $1,905 before it formed a low. The price moved clear above the 50% Fib level of the recent fall from the $2,000.29 swing high to the $1.905 low. It even crossed the $2,000 resistance.
Source: TradingView.com, ETHUSD
The $2,000 mark is the immediate support for the upside. This is at the 76.4% Fib level of the decline from $1,905 high to $2,029 low. It is close to the $2,000.30 level. The price could rise to $2,080 if it moves clear above that level. The price could rise to the $2,120 resistance level if there are additional upsides.
Dips Limited in Ethereum?
It could begin a downtrend correction if ethereum does not rise above $2,030. The $1,950 area is the initial support for the downside.
Near $1,920 is the next support and so is the 100-hourly simple moving average. There is risk of further losses below the $1900 level. The major support level is close to this point. The above scenario may lead to a decline in ether prices towards $1,855 support.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,920
Major Resistance Level – $2,030