Ethereum Price Strengthens
Ethereum has surged above the $2,000 and $2,050 levels, and it continues to trade above $2,050 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support near $2,115 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue moving higher toward the $2,200 resistance in the near term.
Positive Signs for Ethereum
In recent analyses, Ethereum was predicted to surge toward the $2,000 level. The prediction has come true as ETH has seen a strong increase and broken many hurdles near $1,920. It even outperformed Bitcoin by surging above the $2,000 resistance and is currently consolidating near $2,125. A new multi-week high is formed near $2,137 with more positive signs for the price. Ethereum is also trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average.
On the upside, Ethereum is facing resistance near the $2,135 level with major resistance at $2,150. If it fails to clear these levels, a downside correction could start with initial support at around $2,115 and the next key support at $2,080.
Should You Buy Dips in ETH?
If Ethereum fails to clear the $2,135 resistance, it could start a downside correction. Initial support on the downside is near the $2,115 level and the channel’s trend line. The next key support is $2,080. The main support sits at $2,000 or the 61.8% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high.
The MACD for ETH/USD is gaining momentum in the bullish zone while RSI for ETH/USD is now above the 50 level. The major support level is at $2,080 and the major resistance level is at $2,150.
Hot Take: Ethereum’s Rally Continues
Ethereum’s price surge has exceeded expectations by breaking through key levels and forming a short-term rising channel. While facing resistance at certain levels, Ethereum’s positive signs indicate potential for further gains in the near future. However, failure to clear resistance levels could lead to a downside correction with initial support at around $2,115 and key support at $2,080. Technical indicators suggest that Ethereum’s bullish momentum remains strong.
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