Ethereum Price Analysis: ETH Rally Could Extend Above $2,000

Ethereum price is rising above the $1,850 level against the US Dollar. ETH/USD could rise further if it clears the $1,940 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a decent increase above the $1,800 level against the US Dollar. ETH price was able to gain pace for a move above the $1,850 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $1,880 resistance zone. There was a clear move above the 50% Fib retracement level of the downside correction from the $1,943 swing high to the $1,823 low. Similarly, Bitcoin price is gaining pace above the $29,000 resistance zone.

Ether’s price is now trading above $1,850 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,860 on the 4-hours chart.

The current price action above the 76.4% Fib retracement level of the downside correction from the $1,943 swing high to the $1,823 low suggests chances of more upsides. Immediate resistance on the upside is near the $1,940 level. The next major resistance is near the $1,950 zone.

A clear move above the $1,950 level could send the price toward $2,000. Any more gains could even send the price toward the $2,120 resistance zone or $2,200 in the near term.

On the downside, initial support is near the $1,880 level. The next major support is now near the $1,850 level and the trend line. A break below the $1,850 support could push the price to $1,800. Any more losses could lead the price towards $1,740.

Ethereum Price

Looking at the chart, Ethereum’s price is clearly trading above the $1,850 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,850 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,860, followed by the $1,850 zone.

Key Resistance$ Levels – $1,950 and $2,000.

Source: Read Full Article