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HomeAltcoin NewsEthereum Price Analysis: ETH Rally Could Extend Above $2,000

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

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  • Ethereum price is moving higher above the $1,850 resistance against the US Dollar.
  • ETH price is now trading above $1,850 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $1,860 on the 4-hours chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,850 support zone.

Ethereum price is rising above the $1,850 level against the US Dollar. ETH/USD could rise further if it clears the $1,940 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a decent increase above the $1,800 level against the US Dollar. ETH price was able to gain pace for a move above the $1,850 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $1,880 resistance zone. There was a clear move above the 50% Fib retracement level of the downside correction from the $1,943 swing high to the $1,823 low. Similarly, Bitcoin price is gaining pace above the $29,000 resistance zone.

Ether’s price is now trading above $1,850 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,860 on the 4-hours chart.

The current price action above the 76.4% Fib retracement level of the downside correction from the $1,943 swing high to the $1,823 low suggests chances of more upsides. Immediate resistance on the upside is near the $1,940 level. The next major resistance is near the $1,950 zone.

A clear move above the $1,950 level could send the price toward $2,000. Any more gains could even send the price toward the $2,120 resistance zone or $2,200 in the near term.

On the downside, initial support is near the $1,880 level. The next major support is now near the $1,850 level and the trend line. A break below the $1,850 support could push the price to $1,800. Any more losses could lead the price towards $1,740.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum’s price is clearly trading above the $1,850 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,850 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 – $1,860, followed by the $1,850 zone.

Key Resistance$ Levels – $1,950 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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