Ethereum Price Primed To Test $2,000, These Could Be The Factors To Watch

Aayush Jindal

1 year ago

2 mins read

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Ethereum price is moving higher above the $1,900 resistance against the US dollar. ETH could accelerate higher toward $2,000 or even $2,120 in the coming sessions.

Ethereum is showing positive signs above the $1,900 level.
The price is trading above $1,880 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move higher toward the $2,000 barrier in the near term.

Ethereum Price Looks Set To Rally

Ethereum is forming a base above the $1,850 support zone. ETH remained in a bullish zone and slowly moved higher above the $1,880 resistance, like Bitcoin.

There was also a move above the $1,920 resistance. The price traded to a new multi-week high at $1,925 and is currently consolidating gains. The current price action is positive above the 23.6% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high.

Ethereum is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,925 level. The next major resistance sits at $1,950, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,000 resistance. The next key resistance is near $2,050, above which the price could aim for a move toward the $2,120 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,905 level and the trend line.

The next key support is $1,880 or the 100 hourly SMA or the 61.8% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,780 level.

Technical Indicators

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

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

Major Support Level – $1,880

Major Resistance Level – $1,950

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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