June 15, 2021

TA: Ethereum Revisits $2K, Why The Bulls Are Not Done Yet

2 min read

Ethereum got bullish momentum and it cleared the $1,950 resistance against the United States Dollar. ETH cost checked $2,000 and it is likely to continue higher.

  • Ethereum is extending gains and it just recently checked the $2,000 resistance zone.
  • The rate is now well above the $1,950 assistance and the 100 hourly simple moving average.
  • There is an essential bullish pattern line forming with support near $1,945 on the per hour chart of ETH/USD (information feed via Kraken).
  • The pair might correct lower, however it is most likely to stay stable near $1,950 and $1,900.

Ethereum Price is Gaining Pace

Ethereum stayed well bid above the $1,850 level and it traded to a new weekly high, unlike bitcoin. ETH broke many important difficulties near the $1,920 and $1,950 resistance levels.

There was likewise a spike above the $2,000 level and the rate settled perfectly above the 100 hourly basic moving average. A high is formed near $2,008 and the cost is currently combining gains. An initial assistance on the downside is near the $1,980 level.

The 23.6% Fib retracement level of the current increase from the $1,888 swing low to $2,008 high is near $1,980. There is also a crucial bullish pattern line forming with support near $1,945 on the hourly chart of ETH/USD.

Ethereum Price

 Source: ETHUSD on TradingView.com The pattern line is close to the 50%Fib retracement level of the recent boost from the $1,888 swing low to $2,008 high. On the upside, ether might struggle to settle above the $2,000 resistance. An effective close above the$2,000 level might unlock for a massive boost in the coming sessions. In the specified case, the cost could quickly rise towards the$2,080 and $2,100 levels.

Dips Supported in ETH?

If Ethereum fails to climb up above the $2,000 and $2,010 resistance levels, it could correct lower. An initial assistance on the disadvantage is near the $1,980 level.

The first major assistance is near the $1,950 level and the connecting bullish trend line. Anymore losses may lead ether cost towards the $1,880 assistance zone. There is another bullish pattern line waiting on the same chart with assistance near $1,880, where the bulls are likely to take a stand.

Technical Indicators

Per hour MACD-- The MACD for ETH/USD is now acquiring momentum in the bullish zone.

Per hour RSI-- The RSI for ETH/USD is well above the 50 level.

Significant Support Level –-- $1,950

Major Resistance Level –-- $2,000