TA: Ethereum Hesitates But Further Gains Seem Likely Above $2K

Aayush Jindal

1 year ago

2 mins read

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Ethereum gained pace and cleared the $2,000 resistance against the US Dollar. ETH is consolidating and might rise further towards the $2,120 resistance.

Ethereum extended its increase above the $1,920 resistance zone.
The price is now trading above $1,950 and the 100 hourly simple moving average.
There was a break above a short-term bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise further higher towards the $2,050 and $2,120 levels.

Ethereum Price Eyes More Upsides

Ethereum remained well bid above the $1,850 level. ETH gained pace after there was a clear move above the $1,880 resistance zone. It even climbed above the $1,920 level.

The bulls pumped the price above the $1,950 resistance and the 100 hourly simple moving average. Finally, there was a move above the $2,000 resistance and the price traded as high as $2,029. Recently, there was a downside correction below the $2,000 level.

Ether declined below a key bullish trend line forming with support near $2,000 on the hourly chart. There was a move below the $1,950 level, but the bulls were active near the 100 hourly simple moving average.

A low was formed near $1,905 and the price started another increase. There was a clear move above the 50% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The price even tested the $2,000 resistance.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $2,000 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The first major resistance is near the $2,030 level. A clear move above the $2,030 level could start a steady increase to $2,080. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Dips Limited in ETH?

If ethereum fails to rise above the $2,030 resistance, it could start a downside correction. An initial support on the downside is near the $1,950 zone.

The next major support is near $1,920 and the 100 hourly simple moving average. The main support is near the $1,900 level, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,855 support.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,920

Major Resistance Level – $2,030

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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