Ethereum Price Surge
Following a period of stability, Ethereum’s price has started a fresh upward trend, breaking through the $1,950 level and continuing to trade above $2,000 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a significant breakthrough of a bearish trend line with resistance near $2,010. As long as support holds steady at $1,985, the pair could experience continued upward movement.
Ethereum Price Eyes More Gains
After surpassing the $1,950 and $1,960 levels, Ethereum made a further climb above $2,000 and the 100-hourly Simple Moving Average. Additional resistance is present near the $2,050 zone, with the potential for bullish moves above the $2,070 and $2,120 levels leading to a push toward $2,200. Further gains could result in a move toward the $2,250 level.
Source: ETHUSD on TradingView.com
Are Dips Limited in ETH?
If Ethereum fails to break through the $2,070 resistance, there is a possibility of a decline. Initial support is expected near the $2,000 level and the 100-hourly Simple Moving Average, followed by support at $1,985 and $1,965. A break below $1,965 support could trigger further losses, potentially leading to a drop toward the $1,905 support zone.
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 – $1,985
Major Resistance Level – $2,070
Hot Take: Ethereum’s Uphill Climb
Ethereum’s recent surge above the $2,000 level and the 100-hourly Simple Moving Average demonstrates the potential for further gains, with resistance likely at the $2,050 and $2,070 levels. However, failure to break through these levels could result in a decline, with support expected near $2,000 and $1,985. Keep a close eye on Ethereum’s movements as it navigates these levels in the coming days.
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