Ethereum Price Looks Ready For Another Leg Higher Over $2,000 – NewsBTC

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Ethereum price is gaining pace above $1,920 against the US Dollar. ETH could gain bullish momentum and might soon clear the $2,000 resistance.
Ethereum’s price remained well-bid above the $1,820 support zone. ETH formed a support base and started a fresh increase above the $1,880 level, outperforming Bitcoin.
There was a clear move above the $1,920 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD. The price even traded to a new multi-day high at $1,960 and is currently consolidating gains.
It is now showing positive signs and might soon continue to rise toward the $2,000 resistance. Ether is now trading above $1,900 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high.
Ethereum Price
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,960 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a fresh rally. The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. Any more gains could send Ether toward the $2,220 resistance.
If Ethereum fails to clear the $1,960 resistance or $1,980, it could start a downside correction. Initial support on the downside is near the $1,930 level.
The next major support is near the $1,920 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high. The first major support is near $1,900 and the 100-hourly Simple Moving Average. If there is a move below $1,900, the price could drop toward $1,880. Any more losses may perhaps send the price toward the $1,840 support.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,900
Major Resistance Level – $1,960
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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