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
Ethereum (COIN:ETHUSD)
Historical Stock Chart
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Ethereum (COIN:ETHUSD)
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From Sep 2021 to Sep 2022 Click Here for more Ethereum Charts.