Ethereum Hesitates But Further Gains Seem Likely Above $2K


Ethereum gained pace and cleared the $2,000 resistance against the US Dollar. ETH is consolidating and may rise further towards the $2120 resistance.

  • Ethereum extended its rally above the $1,920 resistance area.
  • The price is now trading above $1,950 and the 100 hourly simple moving average.
  • There was a break above the short-term downtrend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher towards $2,050 and $2,120.

Ethereum price eyes more pros

Ethereum’s bid has remained well above the $1,850 level. ETH has gained pace After there was a clear move above the resistance area at $1,880. It even jumped above the $1,920 level.

The bulls pumped the price above the resistance at $1,950 and the 100 hourly simple moving average. Finally, there was a move above the $2000 resistance and the price traded as high as $2,029. Recently, there was a downside correction below the $2000 level.

Ether has fallen below a major uptrend line formed with support near $2000 on the hourly chart. There was a move below the $1,950 level, but the bulls were active near the Simple moving average per 100 hours.

A bottom was formed near $1905 and the price started another increase. There was a clear move above the 50% Fib retracement level of the recent decline from the $2,029 swing high to $1,905. The price even tested the $2000 resistance.

Ethereum price

Source: ETHUSD on TradingView.com

There is an immediate resistance on the upside near the $2000 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,029 high to $1,905 low. The first major resistance is near the $230 level. A clear move above the USD 2030 level could lead to a steady increase to USD 2080. If there are more upsides, the price could rise towards the $2,120 resistance area in the near term.

Dips Limited in ETH?

If Ethereum fails to rise above the USD 2030 resistance, it may start a downside correction. There is initial support on the downside near the $1950 region.

The next major support is near $1,920 and the 100 hourly simple moving average. The main support is near the $1900 level, below which there is a risk of further losses. In the aforementioned case, the price of Ether may decline towards the $1,855 support level.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

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

Key Support Level – $1,920

Key Resistance Level – $2,030



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