Ethereum Price Rises Above $2K
Following a period of correction, Ethereum’s price found support near $1,920 before rebounding. The price then surged above $1,950 and $1,975 resistance levels. The 50% Fib retracement level was surpassed, and the price settled above the crucial $2,000 resistance zone.
Currently, Ethereum is trading above $2,000 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key bullish trend line with support near $2,046 is forming. The immediate hurdle is at the $2,075 zone, close to the 76.4% Fib retracement level from the recent swing high to low.
The next significant resistance lies at $2,120. If this level is breached, it could trigger another strong upward move towards $2,150 and even $2,200. Further gains might push the price towards $2,250.
Source: ETHUSD on TradingView.com
Potential Losses in ETH
If Ethereum fails to surpass the $2,075 or the $2,120 pivot level, it may experience a fresh decline. Initial support lies near the $2,045 level or the aforementioned trend line. Subsequent key support levels are at $2,025 and the 100-hourly Simple Moving Average.
The critical support is at $2,000. A break below this level could lead to a steady decline towards the $1,920 support zone in the near term. Additional losses may drive Ether towards the $1,850 level.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bullish zone on an hourly basis. Meanwhile, the RSI for ETH/USD has risen above the 50 level.
Major Support Level – $2,025
Major Resistance Level – $2,120
Hot Take: Ethereum’s Momentum Shows Potential for Further Growth
Ethereum’s recent surge above the key resistance levels indicates a potential for further growth in its price. However, failure to maintain these levels could lead to a downward correction towards important support zones. Traders should closely monitor these levels and technical indicators to gauge Ethereum’s next moves in the market.
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