Ethereum Gaining Momentum Towards $2,000
Ethereum is showing strong upward movement and is on track to reach the $2,000 level. The price of ETH is currently trading above $1,850 and the 100-hourly Simple Moving Average, indicating a bullish trend. On the hourly chart of ETH/USD, there is a significant bullish trend line forming with support near $1,870.
Ethereum Price Outperforms Bitcoin
Unlike Bitcoin, Ethereum has remained in a positive zone above the $1,780 support level. It recently experienced a fresh increase and successfully broke through the $1,850 resistance level. As a result, Ethereum outperformed Bitcoin and even surged above $1,900 to reach a new multi-week high at $1,912. Currently, the price is consolidating these gains and is trading near the 23.6% Fibonacci retracement level.
It’s worth noting that Ethereum is currently trading above $1,850 and the 100-hourly Simple Moving Average. Additionally, there is a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Resistance Levels and Potential Dips in ETH
The price of Ethereum is currently facing resistance near the $1,900 level. The first major resistance lies at $1,920. If ETH manages to surpass this resistance level, it could continue to rise towards the $1,950 barrier. Further gains may open up opportunities for testing the $2,000 handle, with the next key resistance level near $2,050. Breaking above this level could lead to an acceleration towards $2,120.
However, if Ethereum fails to clear the $1,920 resistance, a downside correction may occur. The initial support on the downside is near the $1,870 level or the trend line. The next major support is at $1,850, which coincides with the 100 hourly SMA and the 50% Fibonacci retracement level from the upward move.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone, as indicated by the hourly MACD. Additionally, the RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,920
Hot Take: Ethereum Poised for Further Upside Movement
Ethereum’s recent surge and ability to outperform Bitcoin demonstrate its strong momentum. With the price trading above key levels and showing bullish indicators, Ethereum has the potential to continue its upward movement. While it may face resistance at certain levels, a breakthrough could pave the way for further gains towards $2,000 and beyond. However, a downside correction is possible if key resistance levels are not surpassed. Overall, Ethereum’s performance indicates a positive outlook for investors and traders in the crypto market.
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