TA: Ethereum Revisits $2K, Why The Bulls Are Not Done Yet

Aayush Jindal

1 year ago

2 mins read

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Ethereum gained bullish momentum and it cleared the $1,950 resistance against the US Dollar. ETH price tested $2,000 and it is likely to continue higher.

Ethereum is extending gains and it recently tested the $2,000 resistance zone.
The price is now well above the $1,950 support and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but it is likely to remain stable near $1,950 and $1,900.

Ethereum Price is Gaining Pace

Ethereum remained well bid above the $1,850 level and it traded to a new weekly high, unlike bitcoin. ETH broke many important hurdles near the $1,920 and $1,950 resistance levels.

There was also a spike above the $2,000 level and the price settled nicely above the 100 hourly simple moving average. A high is formed near $2,008 and the price is currently consolidating gains. An initial support on the downside is near the $1,980 level.

The 23.6% Fib retracement level of the recent increase from the $1,888 swing low to $2,008 high is near $1,980. There is also a key bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent increase from the $1,888 swing low to $2,008 high. On the upside, ether could struggle to settle above the $2,000 resistance. A successful close above the $2,000 level could open the doors for a massive increase in the coming sessions. In the stated case, the price could easily rise towards the $2,080 and $2,100 levels.

Dips Supported in ETH?

If Ethereum fails to climb above the $2,000 and $2,010 resistance levels, it could correct lower. An initial support on the downside is near the $1,980 level.

The first major support is near the $1,950 level and the connecting bullish trend line. Any more losses might lead ether price towards the $1,880 support zone. There is another bullish trend line waiting on the same chart with support near $1,880, where the bulls are likely to take a stand.

Technical Indicators

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

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

Major Support Level – $1,950

Major Resistance Level – $2,000

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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