Ethereum Price Rally To $2,000 On The Horizon, As Bears Show Weak Hands
Ethereum price started a fresh increase above the $1,800 resistance against the US Dollar. ETH is showing positive signs and might rally towards $2,000.
- Ethereum remained strong above the $1,700 zone and recovered losses.
- The price is trading above $1,780 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally towards $2,000 if there is a close above the $1,850 resistance.
Ethereum Price Aims Higher
Ethereum price started a downside below the $1,750 support. However, the bulls were active above the $1,700 support zone. A low as formed near $1,713 and ETH price started a fresh increase, similar to bitcoin.
The price gained pace above the $1,750 and $1,780 resistance levels. There was a clear move above the $1,800 resistance zone. The upward move was such that the price even spiked above the $1,850 resistance zone. A high is formed near $1,858 and the price is now consolidating gains.
There was a minor decline below the 23.6% Fib retracement level of the upward move from the $1,713 swing low to $1,858 high. Ether price is now trading above $1,780 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support at $1,780 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,830 zone. The next major resistance is near the $1,850 zone. A close above the $1,850 resistance zone might start a strong increase.
Source: ETHUSD on TradingView.com
The next aim for the bulls might be $2,000. Any more gains could set the pace for a test of the $2,120 resistance zone in the near term.
Downside Break in ETH?
If ethereum fails to clear the $1,850 resistance, it could start another decline. An initial support on the downside is near the $1,790 level and the trend line.
The next major support is near the $1,765 zone or the 61.8% Fib retracement level of the upward move from the $1,713 swing low to $1,858 high. If there is a break below $1,765, the price might gain bearish momentum and drop towards $1,720. Any more losses might call for a test of the $1,660 level.
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 now above the 50 level.
Major Support Level – $1,765
Major Resistance Level – $1,850
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, Khareem Sudlow
