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.
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.