TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet
Ethereum started a fresh increase above the key $2,000 resistance zone against the US Dollar. ETH price could correct lower, but the bulls are likely to remain active near $2,000.
- Ethereum is showing positive signs above the $2,000 and $2,050 support levels.
- The price is now well above $2,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip in the short-term, but the bulls might protect the $1,950 support zone.
Ethereum Price Remains Strong
Ethereum started a steady increase after it broke the $1,850 resistance. ETH price gained pace above the $2,000 resistance zone and the 100 hourly simple moving average.
The price even climbed above the $2,100 level. It tested the 1.236 Fib extension level of the of the main decline from the $2,035 swing high to $1,710 low. The price traded as high as $2,144 and it is now consolidating gains.
It is now well above $2,000 and the 100 hourly simple moving average. An immediate support is near the $2,040 level. It is close to the 23.6% Fib retracement level of the of the recent increase from the $1,715 swing low to $2,144 high.
Source: ETHUSD on TradingView.com
The next major support is near the $2,000 level. There is also a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD. The trend line support at $1,960 is also close to the 100 hourly SMA.
Any more losses could spark a nasty decline below $1,950. The next major support on the downside is near the $1,850 level.
Fresh Decline in ETH?
If Ethereum remains above the trend line support and $1,950, it could continue to rise. An immediate resistance on the upside is near the $2,150 level.
The next key resistance is near the $2,200 zone. Any more gains could set the pace for a move towards the $2,250 level. A close above $2,250 might open the doors for a steady increase towards the $2,500 level in the near term.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $1,950
Major Resistance Level – $2,150