June 24, 2021

TA: Why Ethereum is Primed To Revisit $2,000 and New ATH

2 min read

Ethereum extended its boost above the $1,750 and $1,800 resistance levels against the United States Dollar. ETH price is showing positive signs and it is most likely to review the $2,000 resistance zone.

  • Ethereum is gaining bullish momentum above the $1,700 and $1,800 resistance levels.
  • The price is now trading well above $1,800 and the 100 hourly simple moving average.
  • There is a crucial bullish pattern line forming with assistance near $1,750 on the per hour chart of ETH/USD (information feed via Kraken).
  • The pair might correct lower, however there are high chances of a relocation towards the $2,000 zone.

Ethereum Price Surges 5%

Ethereum stayed in a positive zone above the $1,650 resistance after the other day’s advantage break, similar to bitcoin. ETH got bullish momentum and it even broke the $1,700 resistance level.

As an outcome, the bulls took over and the rate surged above the $1,800 level. It traded to a brand-new weekly high near $1,858 and it is revealing positive indications. Ether is now trading well above $1,800 and the 100 hourly simple moving average.

A preliminary assistance is near the $1,810 level. It is close to the 23.6% Fib retracement level of the recent boost from the $1,649 swing low to $1,858 high.

There is also an important bullish trend line forming with assistance near $1,750 on the hourly chart of ETH/USD. The pattern line is close to the last breakout zone at $1,750. The 50% Fib retracement level of the recent increase from the $1,649 swing low to $1,858 high is likewise near $1,750.

Ethereum Price

 Source: ETHUSD on TradingView.com On the advantage

, the $1,880 level is an immediate obstacle for the bulls. A clear break above the $1,880 level could open the doors for more gains above the $1,900 level. In the specified case, the cost could rally above the $1,950 level. The next key resistance is near the $2,000 level.

Dips Supported in ETH?

If Ethereum fails to continue greater above the $1,880 and $1,900 resistance levels, it might start a downside correction. An initial support on the downside is near the $1,810 level.

The primary support is now forming near the trend line and $1,750. If there is a disadvantage break listed below the trend line assistance, there is a threat of a drop towards the $1,650 support.

Technical Indicators

Hourly MACD— The MACD for ETH/USD is showing positive check in the bullish zone.

Hourly RSI— The RSI for ETH/USD is now well above the 60 level.

Significant Support Level –– $1,750

Major Resistance Level –– $1,880