TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet 2021-06-29

Aayush Jindal

1 year ago

2 mins read

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Ethereum started a fresh increase above the key $2,000 resistance zone against the US Dollar. ETH price could correct lower, but the bulls are likely to remain active near $2,000.

Ethereum is showing positive signs above the $2,000 and $2,050 support levels.
The price is now well above $2,000 and the 100 hourly simple moving average.
There is a key bullish trend lien forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip in the short-term, but the bulls might protect the $1,950 support zone.

Ethereum Price Remains Strong

Ethereum started a steady increase after it broke the $1,850 resistance. ETH price gained pace above the $2,000 resistance zone and the 100 hourly simple moving average.

The price even climbed above the $2,100 level. It tested the 1.236 Fib extension level of the of the main decline from the $2,035 swing high to $1,710 low. The price traded as high as $2,144 and it is now consolidating gains.

It is now well above $2,000 and the 100 hourly simple moving average. An immediate support is near the $2,040 level. It is close to the 23.6% Fib retracement level of the of the recent increase from the $1,715 swing low to $2,144 high.

Source: ETHUSD on TradingView.com

The next major support is near the $2,000 level. There is also a key bullish trend lien forming with support near $1,960 on the hourly chart of ETH/USD. The trend line support at $1,960 is also close to the 100 hourly SMA.

Any more losses could spark a nasty decline below $1,950. The next major support on the downside is near the $1,850 level.

Fresh Decline in ETH?

If Ethereum remains above the trend line support and $1,950, it could continue to rise. An immediate resistance on the upside is near the $2,150 level.

The next key resistance is near the $2,200 zone. Any more gains could set the pace for a move towards the $2,250 level. A close above $2,250 might open the doors for a steady increase towards the $2,500 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $1,950

Major Resistance Level – $2,150

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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