TA: Why Ethereum Is Poised For A Fresh Surge To $2,000

TA: Why Ethereum Is Poised For A Fresh Surge To $2,000

Ethereum is consolidating gains above $1,750 against the US Dollar. ETH price is likely to start a strong increase towards $2,000 as long as it is above the $1,700 support.

  • Ethereum failed to clear the $1,850 resistance and corrected lower below $1,800.
  • The price is now holding gains above $1,750 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,770 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a fresh increase towards the $1,850 and $1,900 levels in the near term.

Ethereum Price Remains Well Bid

Ethereum made another attempt to gain momentum above the $1,850 and $1,860 resistance levels. However, ETH price failed to gain momentum above $1,850, unlike bitcoin which rallied above $46,000.

A high was formed near $1,870 before there was a downside correction. The price dipped below the $1,820 and $1,800 support levels. A low is formed near $1,763 and the price is now consolidating in a range. It is also holding gains above $1,750 and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $1,770 on the hourly chart of ETH/USD. An immediate resistance is near the $1,815 level. It is close to the 50% Fib retracement level of the recent decline from the $1,870 high to $1,763 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The main hurdle is now forming near the $1,830 level. The 61.8% Fib retracement level of the recent decline from the $1,870 high to $1,763 low is also near the $1,830 level.

A clear break above the $1,815 and $1,830 levels may possibly start a strong increase in the coming sessions. In the stated case, the price is likely to rise steadily towards the $1,870 and $1,880 levels. The main target for the bulls is still the $2,000 barrier.

Dips Supported in ETH?

If Ethereum fails to resume higher above the $1,815 and $1,830 resistance levels, it could correct further lower. The first key support is near the trend line at $1,770.

The main support is now forming near the $1,760 level and the 100 hourly simple moving average. If there is a downside break below the $1,760 support, ether price might decline towards the $1,700 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,760

Major Resistance Level – $1,830

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: