Ethereum Price Just Reversed And Signals Fresh Run To $2,000

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.

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

Source: Read Full Article