Ethereum Price Just Reversed And Signals Fresh Run To $2,000
Ethereum price started a fresh increase above the $1,880 resistance against the US Dollar. ETH is rising and might soon aim for a move toward $2,000.
Ethereum is attempting a fresh increase above $1,880.
The price is trading above $1,880 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it clears the $1,920 resistance zone.
Ethereum Price Recovers Ground
Ethereum’s price remained well-bid above the $1,800 support zone. ETH started a decent upward move and was able to clear the $1,850 resistance, similar to Bitcoin at $28,800.
There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD. The pair even climbed above $1,900. A high is formed near $1,915 and the price is now consolidating gains. It is trading above $1,880 and the 100-hourly Simple Moving Average.
Ether is trading nicely above the 23.6% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high. Immediate resistance is near the $1,915 level.
Source: ETHUSD on TradingView.com
The next major resistance seems to be forming near $1,940. An upside break above the $1,940 resistance might send Ethereum toward the $2,000 resistance. Any more gains could send Ether toward the $2,050 resistance. In the stated case, Ether could even attempt a move toward the $2,120 resistance.
Are Dips Limited in ETH?
If Ethereum fails to clear the $1,915 resistance, it could start a downside correction. Initial support on the downside is near the $1,890 level.
The next major support is near the $1,880 zone or the 50% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high, below which ether price might drop toward the 100 hourly SMA. Any more losses may perhaps take the price toward the $1,840 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,870
Major Resistance Level – $1,915
Filed under: Bitcoin - @ May 4, 2023 3:14 am