Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000? – NewsBTC

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Ethereum price is consolidating gains below the $1,850 resistance against the US dollar. ETH must stay above the $1,750 support to start a fresh increase.
Ethereum failed to continue higher above the $1,850 level and started a downside correction. ETH corrected lower below $1,800, but the bulls remained active near $1,750.
A low was formed near $1,741 and the price is now making a fresh attempt to gain pace, like Bitcoin. There was a move above the $1,780 level. The price tested the 50% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.
Ethereum is now trading above $1,770 and the 100-hourly Simple Moving Average. There is also a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $1,800 level. The first major resistance is near the $1,815 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.
Ethereum Price
Source: ETHUSD on TradingView.com
A close above the $1,815 resistance could start a decent increase. In the stated case, Ether could revisit the $1,850 resistance. The next key resistance is near $1,865, above which the price could accelerate higher. In the stated case, the price could rise toward the $1,920 level. The main hurdle sits at $2,000.
If Ethereum fails to clear the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, the 100-hourly Simple Moving Average, and the trend line.
The next key support is $1,740. A downside break below the $1,740 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,720
Major Resistance Level – $1,815
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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