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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price
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Ethereum Price Just Reversed And Signals Fresh Run To $2,000

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum price started a fresh increase above the $1,880 resistance against the US Dollar. ETH is rising and might soon aim for a move toward $2,000.

  • Ethereum is attempting a fresh increase above $1,880.
  • The price is trading above $1,880 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $1,920 resistance zone.

Ethereum Price Recovers Ground

Ethereum’s price remained well-bid above the $1,800 support zone. ETH started a decent upward move and was able to clear the $1,850 resistance, similar to Bitcoin at $28,800.

There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD. The pair even climbed above $1,900. A high is formed near $1,915 and the price is now consolidating gains. It is trading above $1,880 and the 100-hourly Simple Moving Average.

Ether is trading nicely above the 23.6% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high. Immediate resistance is near the $1,915 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance seems to be forming near $1,940. An upside break above the $1,940 resistance might send Ethereum toward the $2,000 resistance. Any more gains could send Ether toward the $2,050 resistance. In the stated case, Ether could even attempt a move toward the $2,120 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,915 resistance, it could start a downside correction. Initial support on the downside is near the $1,890 level.

The next major support is near the $1,880 zone or the 50% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high, below which ether price might drop toward the 100 hourly SMA. Any more losses may perhaps take the price toward the $1,840 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

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

Major Support Level – $1,870

Major Resistance Level – $1,915

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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