Ethereum Price Primed To Test $2,000, These Could Be The Factors To Watch
Ethereum price breaks above the $1,900 resistance against the US Dollar. ETH could accelerate to $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 connected uptrend line forming with support near $1,905 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to advance towards the $2,000 barrier in the near term.
Ethereum price appears ready to recover
Ethereum forms a base above the $1,850 support zone. ETH remained in a bullish zone and slowly moved above the $1,880 resistance as Bitcoin.
There was also a move above the $1,920 resistance. The price reached a new multi-week high at $1,925 and is currently consolidating its gains. The current price action is positive above the 23.6% Fibonacci retracement level of the recent wave from the $1,852 low to $1,925 high.
Ethereum is trading above $1,880 and the 100 hourly simple moving average. There is also a bullish trend line forming with support near $1,905 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, the price faces resistance near the $1,925 level. The next major resistance lies at $1,950, above which the price could accelerate higher. In the case mentioned, the price could rebound towards the $2,000 Resistance. The next key resistance is near $2,050, above which the price could target a move towards the $2,120 level.
Are drops supported in ETH?
If Ethereum fails to clear the $1,925 resistance, it could trigger a downward correction. Initial downside support is near the $1,905 level and the trendline.
The next key support is $1,880 or the 100 hourly SMA or the 61.8% Fibonacci retracement level of the recent wave from the $1,852 low to $1,925 high. The main support lies at $1,850. A downside break below the $1,850 support could trigger bearish moves. In the stated case, Ether could fall all the way to 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
