TA: Ethereum Surges To New ATH Above $1,900, Why ETH Could Test $2K

Aayush Jindal

4 years ago

2 mins read

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Ethereum broke the $1,850 resistance to continue higher against the US Dollar. ETH price traded to a new all-time high at $1,917 and it remains supported for more upsides.

Ethereum started a fresh increase above the $1,850 barrier and traded as high as $1,917.
The price is now trading well above $1,850 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the bulls are likely to remain active near $1,880 and $1,850.

Ethereum Price Breaks Key Hurdle

Ethereum remained stable above $1,800 and it finally managed to gain strength above the $1,820 and $1,840 resistance levels. A support base was formed near $1,800 before there was a fresh increase.

More importantly, there was a break above a major bearish trend line with resistance near $1,800 on the hourly chart of ETH/USD. The pair gained pace above the $1,850 resistance and settled nicely above the 100 hourly simple moving average.

Ether even cleared the $1,900 level and traded to a new all-time high at $1,917. The price is currently consolidating gains near the $1,900 level. An initial support is near the $1,890 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,801 swing low to $1,917 high.

Source: ETHUSD on TradingView.com

On the upside, ether price could clear the $1,917 high and $1,920. A successful break above the recent high is likely to open the doors for a push above the $1,950 level. The next major resistance for the bulls sits at $2,000.

Fresh Dip in ETH?

If Ethereum fails to extend its rise above the $1,920 level, there could be a downside correction. The first major support is near the $1,880 level. The next key support is near the $1,850 level. It is close to the 50% Fib retracement level of the recent increase from the $1,801 swing low to $1,917 high.

The main support is forming near the $1,800 level and the 100 hourly simple moving average. A downside break below the $1,800 support might call for a sharp decline to $1,700.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

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

Major Support Level – $1,850

Major Resistance Level – $1,920

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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