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In terms of the US Dollar, Ethereum has risen over the $1,940 resistance zone. Ethereum has even risen beyond $2,000, suggesting that gains could be extended in the foreseeable future.

  • Above the $1,920 and $1,940 marks, Ethereum began a recovery wave.
  • The price is presently trading above the $1,920 hourly simple moving average and the 100 hourly simple moving average.
  • On the hourly chart of ETH/USD, a connecting positive trend line is forming with support near $1,975. (data feed via Kraken).
  • If the pair closes above the $2,000 resistance zone, gains could be extended.
Why Ethereum Could Extend Its Rally If It Tests $2K krishhh 8 | BuyUcoin

The price of Ethereum has increased by 5%.

Above $1,850, Ethereum was able to maintain its support. The bulls were able to take the price above the $1,920 resistance zone after a steady rise.

Price even broke above the $1,940 resistance level and settled above the 100 hourly simple moving average. Finally, the price went as high as $2,010 after a burst above the $2,000 resistance. Ether’s gains have now been consolidated near the $2,000 mark.

It’s currently trading above the 23.6 percent Fib retracement level of the upward advance from the swing low of $1,874 to the high of $2,010. On the hourly chart of ETH/USD, a connecting positive trend line is forming with support near $1,975.

Why Ethereum Could Extend Its Rally If It Tests $2K Ethereum 15 | BuyUcoin

On the upside, the $2,000 level serves as an early resistance. Near the $2,040 mark, the next big resistance is found. A proper breakout to the upside above the $2,040 resistance level might propel the price much higher. In this scenario, the price of ether could surge to the $2,120 resistance level. Any further increases could push it towards the $2,200 resistance level.

In Ethereum, Are Dips Limited?

If ethereum fails to break through the $2,000 resistance level, it may begin a downtrend. On the downside, the trend line and the $1,975 zone provide first support.

Near the $1,940 level, the next big support is found. It’s around the 50% Fib retracement level of the upward advance from the swing low of $1,874 to the high of $2,010. A break below $1,940 on the downside might push the price towards $1,900. Near $1,860 and the 100 hourly simple moving average, the next important support is found.

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 well above the 60 level.

Major Support Level – $1,940

Major Resistance Level – $2,000

Source: Newsbtc

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