Ethereum price is slowly moving up toward the $2,000 resistance against the US dollar. ETH is in a better positive for a decent upward move than Bitcoin.
- Ethereum is still attempting to move toward the $2,000 level.
- The price is trading above $1,850 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move higher above the $1,920 and $1,950 levels.
Ethereum Price Remains Supported
Ethereum formed a support base and slowly moved higher above the $1,850 resistance zone. ETH even broke the $1,880 level and spiked toward the $1,920 resistance, unlike Bitcoin.
The price traded as high as $1,915 and is currently consolidating gains. There was a minor downside correction below the $1,900 level. The price dipped below the 50% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.
However, the bulls are protecting more downsides below $1,880. They are protecting the 61.8% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.
Ethereum is now trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,900 level. The first major resistance sits at $1,920. If ETH surpasses the $1,920 resistance, it could gain bullish momentum and even clear $1,950. In the stated case, the price could drift toward the $2,000 barrier. The next key resistance is near $2,050, above which the price could accelerate higher toward the $2,120 level.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,880 level or the trend line.
The next key support is $1,860 or the 100 hourly SMA. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,750 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,920
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/eth/ethereum-price-hesitates-2k/
- :is
- $UP
- 000
- 1
- 100
- 120
- 50
- 7
- 750
- a
- above
- accelerate
- against
- also
- and
- ARE
- AS
- At
- attempting
- average
- barrier
- base
- bearish
- below
- Better
- Bitcoin
- Break
- Broke
- Bullish
- Bulls
- but
- case
- Chart
- clear
- Connecting
- consolidating
- continue
- could
- Currently
- data
- Dollar
- downside
- downsides
- Drop
- ETH
- ETH/USD
- Ether
- ethereum
- Ethereum Price
- Even
- facing
- fails
- First
- For
- formed
- from
- Gain
- Gains
- High
- higher
- HTTPS
- if
- in
- initial
- IT
- Key
- key resistance
- Kraken
- Level
- levels
- likely
- Line
- losing
- Low
- MACD
- Main
- major
- max-width
- might
- minor
- Momentum
- more
- move
- moved
- moves
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- or
- pair
- plato
- Plato Data Intelligence
- PlatoData
- positive
- price
- protecting
- remains
- Resistance
- retracement
- rsi
- seems
- Simple
- sits
- Slowly
- SMA
- Spark
- start
- stated
- Still
- support
- support level
- Supported
- Swing
- than
- The
- There.
- they
- to
- toward
- traded
- Trading
- TradingView
- Trend
- unlike
- Upside
- upward
- us
- US Dollar
- via
- was
- which
- with
- zephyrnet