June 25, 2021

Ethereum Retreats From $2K, Why ETH Remains Strong Above $1,850

2 min read

Ethereum traded to a brand-new all-time high near $2,040 before remedying lower versus the United States Dollar. ETH cost is trading nicely above $1,850 and it is likely to continue towards $2,000.

  • ETH price climbed higher gradually and it went beyond the main $2,000 resistance against the United States Dollar.
  • The price is trading nicely above the $1,850 level and the 100 basic moving average (4-hours).
  • There is an essential bullish pattern line forming with assistance near $1,860 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The set is likely to continue greater above the $1,980 and $2,000 levels in the near term.

Ethereum is Gaining Momentum

This previous week, bitcoin and ethereum saw a stable increase above $1,900 and $50,000 respectively against the US Dollar. ETH even cleared the essential $2,000 resistance level to move even more into a favorable zone.

It traded to a new all-time high near $2,040 and settled well above the 100 basic moving average (4-hours). Just recently, there was a short-term disadvantage correction below the $2,000 and $1,950 assistance levels. Ether price even spiked listed below the $1,850 support level.

Ethereum Price

Source: ETHUSD on TradingView.com Nevertheless, the bulls were active near the $1,820 level. A low is formed near $1,813 and the price is currently rising. There was a break above the 50% Fib retracement level of the recent correction from the $2,040 high to $1,813 low.

There is likewise an essential bullish pattern line forming with support near $1,860 on the 4-hours chart of ETH/USD. An instant resistance on the upside is near the $1,950 level. It accompanies the 61.8% Fib retracement level of the current correction from the $2,040 high to $1,813 low.

A clear break above the $1,950 and $1,980 levels will probably open the doors for more gains. Besides, a day-to-day close above $2,000 will more than likely pump the cost towards $2,150 and $2,200.

Dips Supported in Ether (ETH)?

If Ethereum has a hard time to gain rate above the $1,950 level, it could remedy lower. The first major support on the disadvantage is near the trend line assistance and $1,850.

A drawback break below the pattern line support may possibly call for an extended decline below the $1,813 low. The next major assistance is near the $1,760 level or the 100 easy moving typical (4-hours).

Technical Indicators

4 hours MACD –-- The MACD for ETH/USD is gradually acquiring momentum in the bullish zone.

4 hours RSI –-- The RSI for ETH/USD is still above the 50 level.

Major Support Level –-- $1,850

Significant Resistance Level –-- $2,000