Ethereum’s price has surged past $1,850 against the US dollar and is clearly following Bitcoin’s recovery, potentially testing the $2,000 resistance zone soon.
Ethereum has been moving higher above the resistance levels of $1,850 and $1,880. The price is above $1,850 and the 100-hour Simple Moving Average. On the hourly chart of ETH/USD, a significant bullish trend line is forming with support near $1,890. The pair could further rise above the resistance levels of $1,930 and $1,950.
Ethereum has seen a price increase of over 6%. It started a steady climb above the $1,720 resistance zone. Recently, Bitcoin experienced a strong surge, helping ETH surpass the $1,850 resistance. The price has risen over 6% and crossed the $1,900 mark. It formed a high at $1,930, and the price is now consolidating its gains. The trading price is well above the 23.6% Fibonacci retracement level of the recent rally from the swing low of $1,715 to the high of $1,930.
Ethereum is also well above $1,850 and the 100-hour Simple Moving Average. Furthermore, a significant bullish trend line is forming with support near $1,890 on the hourly chart of ETH/USD.
The immediate resistance is near the $1,930 mark, with the next major resistance near the $1,950 mark. A successful move above the resistance levels of $1,930 and $1,950 could drive the price further upwards. The next resistance is around $2,000 and beyond that, Ethereum could rise towards the $2,050 mark. Further increases above the $2,050 resistance zone could push the price towards the $2,120 resistance.
In case Ethereum fails to surpass the $1,950 resistance, a downward correction could occur. The first support level on the downside is near the $1,900 mark. The next major support is near the $1,880 mark or the recent low. If there is a break and close below the $1,880 support, the price could fall towards the $1,820 support or the 50% Fibonacci retracement level of the recent rally from the swing low of $1,715 to the high of $1,930. Further losses could potentially drive the price towards the $1,780 zone or the 100-hour Simple Moving Average.
As for the technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone. The hourly RSI for ETH/USD is in the overbought area.
In summary, Ethereum’s price has been steadily rising, following Bitcoin’s recovery. It has surpassed several resistance levels and is now testing the $1,950 mark. A successful break above this level could potentially lead to further gains and a possible re-test of the $2,000 resistance. However, if the price fails to surpass $1,950, a corrective decline could occur, with initial support near $1,900.
