Ethereum (ETH) 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 over $2,000 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a whole lot of 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 (ETH) Price Eyes More Gains
After surpassing the $1,950 and $1,960 levels, Ethereum (ETH) made a further climb over $2,000 and the 100-hourly Simple Moving Average. Additional resistance is present near the $2,050 zone, with the capacity for positive trend moves over 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 (ETH) fails to break through the $2,070 resistance, there is a likelihood 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 fall toward the $1,905 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the positive trend zone.
Hourly RSI – The RSI for ETH/USD is now over the 50 level.
Major Support Level – $1,985
Major Resistance Level – $2,070
Hot Take: Ethereum’s Uphill Climb
Ethereum’s recent surge over the $2,000 level and the 100-hourly Simple Moving Average demonstrates the capacity for further gains, with resistance likely at the $2,050 and $2,070 levels. Nonetheless, 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.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.
