Ethereum price is rallying above $1,850 against the US Dollar. ETH is clearly following Bitcoin’s rally and might soon test the $2,000 resistance zone.
- Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
- The price is trading above $1,850 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further above the $1,930 and $1,950 resistance levels.
Ethereum Price Surges Over 6%
Ethereum’s price started a steady increase above the $1,720 resistance zone. Recently, Bitcoin saw a major increase and helped ETH to clear the $1,850 resistance.
The price is up over 6% and there was a move above the $1,900 level. A high is formed near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high.
Ether is also well above $1,850 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels might send the price further higher. The next resistance sits near $2,000, above which Ethereum could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,950 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.
The next major support is near the $1,880 level or the recent low. If there is a break and close below the $1,880 support, the price could drop toward the $1,820 support or the 50% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high. Any more losses may perhaps send the price toward the $1,780 zone or the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is in the overbought zone.
Major Support Level – $1,780
Major Resistance Level – $1,950
- SEO Powered Content & PR Distribution. Get Amplified Today.
- EVM Finance. Unified Interface for Decentralized Finance. Access Here.
- Quantum Media Group. IR/PR Amplified. Access Here.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.newsbtc.com/analysis/eth/ethereum-price-follows-bitcoin-2000/
- :is
- $UP
- 000
- 23
- a
- above
- against
- also
- and
- any
- average
- below
- besides
- Bitcoin
- Break
- Bullish
- Chart
- clear
- clearly
- Close
- consolidating
- could
- data
- Dollar
- downside
- Drop
- ETH
- ETH/USD
- ethereum
- Ethereum Price
- fails
- following
- follows
- For
- formed
- from
- further
- gaining
- Gains
- helped
- High
- higher
- HTTPS
- if
- imminent
- in
- Increase
- initial
- IT
- Key
- Kraken
- Level
- levels
- Line
- losses
- Low
- MACD
- major
- max-width
- May..
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- or
- over
- pair
- perhaps
- plato
- Plato Data Intelligence
- PlatoData
- price
- rally
- recent
- recently
- Resistance
- retracement
- Rise
- rsi
- saw
- seems
- send
- Simple
- sits
- soon
- start
- started
- steady
- successful
- support
- support level
- Supported
- Surges
- Swing
- test
- The
- There.
- to
- toward
- Trading
- TradingView
- Trend
- us
- US Dollar
- via
- was
- WELL
- which
- with
- zephyrnet