Ethereum rose above the $1,940 resistance against the US Dollar. ETH even surged above $2,000 and could extend gains in the near term.
- Ethereum started a recovery above $1,920 and $1,940.
- The price is now above $1,920 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a connecting bullish trend line has formed near $1,975.
- The pair is likely to extend gains if it closes above the $2,000 resistance zone.
Ethereum price up 5%
Ethereum still supported Above the $1,850 level. With a steady rise, the bulls were able to push the price above the $1,920 resistance.
The price even jumped above the $1,940 resistance and closed at 100 hourly simple moving averageFinally, there was a surge above the $2,000 resistance and the price was as high as $2,010. Ether is now consolidating gains near $2,000.
It is trading above the 23.6% Fib retracement level of the $1,874 swing low to $2,010 high. There is also a connecting bullish trend line forming support near $1,975 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, initial resistance is near $2,000. The next major resistance is near $2,040. A proper upside break above the $2,040 resistance is likely to push the price higher. In the aforementioned scenario, ether price could rise towards the $2,120 resistance zone. Any more gains could push it towards the $2,200 resistance zone.
ETH’s Dips are limited?
If Ethereum fails to continue above the $2,000 resistance, it could start a downside correction. Initial support on the downside is near the $1,975 area and the trendline.
The next major support is near $1,940. It is near the 50% Fib retracement level from the $1,874 swing low to $2,010 high. A break below the $1,940 level could push the price towards $1,900. The next major support is near $1,860 and the 100 hourly simple moving average.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $1,940
Major Resistance – $2,000