Ethereum Price Shows Positive Signs
If you’ve been keeping an eye on Ethereum, you’ll notice that it’s currently trading above $1,880 and the 100-hourly Simple Moving Average. In fact, there is a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD. This indicates that the pair could potentially continue to move higher toward the $2,000 barrier in the near term.
Ethereum Price Looks Set To Rally
Ethereum seems to be forming a base above the $1,850 support zone and has remained in a bullish zone. It has slowly moved higher above the $1,880 resistance and even made a move above the $1,920 resistance. The price traded to a new multi-week high at $1,925 and is currently consolidating gains. The current price action is positive above the 23.6% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high.
On the upside, Ethereum is facing resistance near the $1,925 level. The next major resistance sits at $1,950, above which the price could accelerate higher and rally toward the $2,000 resistance. The next key resistance is near $2,050.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,905 level and the trend line. The next key support is $1,880 or the 100 hourly SMA or the 61.8% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high. The main support sits at $1,850.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone and the RSI for ETH/USD is now above the 50 level. The major support level is at $1,880 and major resistance level at $1,950.
Hot Take: Ethereum’s Price Surge Continues
With its current positive trajectory and strong technical indicators like MACD and RSI pointing towards bullish momentum, Ethereum’s price surge looks set to continue as it aims for key resistances at $1,950 and potentially even beyond towards $2,000 in the near future.
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