Ethereum Price Analysis: ETH Could Rally Above $2,000

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

• Ethereum price is moving higher above the $1,880 resistance against the US Dollar.
• ETH price is now trading above $1,880 and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $1,930 on the 4-hours chart (data feed from Coinbase).
• The pair could climb further if it stays above the $1,900 support zone.

Ethereum price is rising above the $1,880 level against the US Dollar. ETH/USD could rise further if it clears the $2,000 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $1,820 level against the US Dollar. ETH price was able to gain pace for a move above the $1,880 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $1,920 resistance zone. A high is formed near $1,976 and the price is now consolidating gains. It is trading above the $1,950 level. It is also above the 23.6% Fib retracement level of the upward wave from the $1,823 swing low to the $1,976 high.

Ether’s price is showing positive signs above $1,880 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,930 on the 4-hours chart.

Immediate resistance on the upside is near the $1,975 level. The next major resistance is near the $2,000 zone. A clear move above the $2,000 level could send the price toward $2,080. Any more gains could even send the price toward the $2,200 resistance zone or $2,250 in the near term.

On the downside, initial support is near the $1,930 level and the trend line. The next major support is now near the $1,900 level or the 50% Fib retracement level of the upward wave from the $1,823 swing low to the $1,976 high.

A break below the $1,900 support could push the price to $1,825. Any more losses could lead the price towards $1,750.

Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $1,880 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,900 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,930, followed by the $1,900 zone.

Key Resistance$ Levels – $2,000 and $2,080.

Source: Read Full Article