TA: Ethereum Regains Strength, Why ETH Could Rally Above $2K
Ethereum started a fresh increase after the bulls defended $1,700 against the US Dollar. ETH price is likely to continue higher above the main $2,000 resistance.
Ethereum is showing positive signs above the $1,850 and $1,900 resistance levels. The price is now well above $1,900 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to clear the $2,000 barrier and it could accelerate higher in the near term.Ethereum Price is Gaining Pace
Ethereum remained well bid above the last swing low near $1,700. ETH formed a base above $1,700 and it started a major increase. The bulls were able to push the price above the $1,850 resistance zone.
There was also a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the of the key decline from the $2,038 swing high to $1,715 low.
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It seems like the price could continue to rise above $1,980. The next key resistance is near the $2,000 zone. Any more gains could set the pace for a move towards the $2,115 level. It is near the 1.236 Fib extension level of the of the key decline from the $2,038 swing high to $1,715 low. An intermediate resistance could be near the $2,050 level.
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If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,920 level.
The first major support is now forming near the $1,875 level and the 100 hourly SMA. A downside break below the $1,875 zone could lead the price further lower. In the stated case, the price could move down further towards the $1,800 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $1,875
Major Resistance Level – $2,000