Home CryptocurrencyAnalysis TA: Ethereum Gearing for Another Increase to $2,000: The Rally Isn’t Over

TA: Ethereum Gearing for Another Increase to $2,000: The Rally Isn’t Over

by SuperiorInvest

Ethereum gained momentum above the $1,700 resistance against the US dollar. ETH is showing positive signs and may even clear the $1,800 resistance.

  • Ethereum started a big rally and settled above the $1,700 level.
  • The price is now trading above $1,700 and the 100 hourly simple moving average.
  • A key bullish trendline is forming with support near $1,725 ​​on the hourly chart of ETH/USD (data source via Kraken).
  • The pair needs to clear $1,780 to continue higher towards $1,880 in the near term.

Ethereum Price Uptrend Unchanged

Ethereum stayed well above the $1,650 level and started a fresh increase. ETH was able to clear the key $1,700 resistance zone and the 100 hourly simple moving average.

There was a clear move above the $1,750 resistance zone. A new multi-week high was made near $1,788 and the pair is now correcting gains. There was a slight decline below the $1,750 level. The price of Ether fell below the 23.6% Fib retracement level of the recent rally from $1,620 to a high of $1,788.

The price is now trading above $1,700 and 100 hour simple moving average. A key bullish trend line is also forming on the hourly chart of ETH/USD with support near $1,725.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,750 level. Another major resistance is near the $1,780 level. A clear break above $1,780 can send the price towards the $1,820 level. Any further gains may open the door for a move towards the $1,880 resistance in the near term. If the bulls remain in action, the price could pump towards the $2,000 level.

Dips supported in ETH?

If Ethereum fails to rise above the $1,780 resistance, it could trigger a downward correction. Initial downside support is near the $1,720 zone.

The next major support is near $1,700. It is near the 50% Fib retracement level of the recent rise from the $1,620 low to $1,788 high. A downside break below the $1,700 support could trigger further losses. In this case, the price of Ether may drop to the level of 1,650 USD.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now losing strength in the bullish zone.

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

Main support level – $1,700

Major resistance level – $1,780

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