HomeAltcoin NewsEthereum Price Analysis: ETH Likely To Burst Towards $2,000

Ethereum Price Analysis: ETH Likely To Burst Towards $2,000

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  • Ethereum price is showing a lot of positive signs above the $1,500 and $1,650 resistance levels against the US Dollar.
  • ETH price is currently trading well above $1,700 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1,480 on the 4-hours chart (data feed from Coinbase).
  • The pair seems to be eyeing an upside break above $1,800 and $1,850 in the near term.

Ethereum price is about to break higher above $1,800 against the US Dollar. ETH/USD is likely to aim a test of $2,000 if it remains stable above $1,500.

Ethereum Price Analysis

In the past few days, Ethereum remained in a positive zone above the $1,500 level against the US Dollar. ETH price corrected lower, but dips were limited below the $1,500 level.

The recent swing low was formed near $1,494 before the price started a fresh increase. The price gained pace above the $1,500 and $1,600 resistance levels. It even cleared the $1,700 level and settled well above the 55 simple moving average (4-hours).

A high was formed near $1,779 and the price is now consolidating gains. On the downside, an initial support is near the $1,710 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,494 low to $1,779 high.

The next major support is near the $1,650 level. The 50% Fib retracement level of the recent increase from the $1,494 low to $1,779 high is also near $1,640. Moreover, there is also a major bullish trend line forming with support near $1,480 on the 4-hours chart.

On the upside, an immediate resistance is near the $1,750 level. If there is a clear break above the $1,750 and $1,770 resistance levels, the price could easily rally above $1,800. In the stated case, the price might surge 8%-10% in the coming sessions. The next major resistance could be near $2,000.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,650 and the 55 simple moving average (4-hours). Overall, ether price seems to be eyeing an upside break above $1,800 and $1,850 in the near term.

Technical indicators

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

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

Key Support Levels – $1,650, followed by the $1,500 zone.

Key Resistance Levels – $1,750 and $2,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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