Ethereum Targets $2,000 Level
Ethereum is making progress towards reaching the $2,000 level. The cryptocurrency is currently trading above $1,850 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line is forming with support near $1,880.
Ethereum Price Finds Support
Ethereum has established a support base and has gradually increased in value above the $1,850 resistance zone. Unlike Bitcoin, ETH has even broken the $1,880 level and surged towards the $1,920 resistance.
Although there was a minor correction below the $1,900 level, the bulls have been protecting against further downside moves below $1,880. The price remains above the 100-hourly Simple Moving Average and the connecting bullish trend line near $1,880.
Resistance Levels for Ethereum
The current resistance for Ethereum is near the $1,900 level. The first major resistance lies at $1,920. If ETH manages to surpass this resistance level, it could gain bullish momentum and potentially clear $1,950. This could result in a push towards the crucial $2,000 barrier and even higher towards $2,050 and $2,120.
Support Levels and Potential Dips
If Ethereum fails to break through the $1,920 resistance level, it may experience a downside correction. Initial support can be found around the $1,880 level or along the trend line. Further support lies at $1,860 or the 100 hourly SMA. The main support level stands at $1,850. A break below this support could lead to bearish movements with a potential drop towards $1,750.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the RSI is now above the 50 level.
Hot Take: Ethereum Continues to Strive for $2,000
Ethereum is steadily making progress towards reaching the $2,000 mark. With support levels established and resistance levels identified, the cryptocurrency has the potential to continue its upward trajectory. However, it needs to break through the $1,920 resistance level to gain bullish momentum and potentially clear $1,950. If successful, Ethereum could make a significant push towards $2,000 and beyond.
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