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Ethereum
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TA: Ethereum Tests $2K, Why ETH Could Extend Rally

Aayush Jindal by Aayush Jindal
3 months ago
in ETH
Reading Time: 2 mins read
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Ethereum gained pace above the $1,940 resistance zone against the US Dollar. ETH even spiked above $2,000 and might extend gains in the near term.

  • Ethereum started a recovery wave above the $1,920 and $1,940 levels.
  • The price is now trading above $1,920 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend gains if there is a close above the $2,000 resistance zone.

Ethereum Price Gains 5%

Ethereum remained supported above the $1,850 level. There was a steady increase and the bulls were able to push the price above the $1,920 resistance zone.

The price even jumped above the $1,940 resistance and settled above the 100 hourly simple moving average. Finally, there was a spike above the $2,000 resistance and the price traded as high as $2,010. Ether is now consolidating gains near the $2,000 level.

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It is trading above the 23.6% Fib retracement level of the upward move from the $1,874 swing low to $2,010 high. There is also a connecting bullish trend line forming with support near $1,975 on the hourly chart of ETH/USD. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $2,000 level. The next major resistance is near the $2,040 level. A proper upside break above the $2,040 resistance might push the price further higher. In the stated case, ether price could rise towards the $2,120 resistance zone. Any more gains may perhaps send it towards the $2,200 resistance zone.

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Dips Limited in ETH?

If ethereum fails to continue higher above the $2,000 resistance, it could start a downside correction. An initial support on the downside is near the $1,975 zone and the trend line. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

The next major support is near the $1,940 level. It is near the 50% Fib retracement level of the upward move from the $1,874 swing low to $2,010 high. A downside break below the $1,940 level might send the price towards $1,900. The next major support sits near $1,860 and the 100 hourly simple moving average.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well above the 60 level.

Major Support Level – $1,940

Major Resistance Level – $2,000

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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