Ethereum price has risen more than 10% and surpassed the USD 2,000 resistance. ETH is outperforming Bitcoin and could rise further towards the USD 2,200 resistance.
- Ethereum rose above the USD 2,000 and USD 2,050 levels.
- The price is trading above $2,050 and the 100-hourly Simple Moving Average.
- A short-term ascending channel is forming with support near $2,115 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further towards the $2,200 resistance in the near term.
Ethereum price regains strength
In the past two to three analyses, we have discussed the high chances of Ethereum rising towards the $2,000 level. ETH started a strong rise and broke many hurdles near USD 1,920.
It even rose above the $2,000 resistance, outperforming Bitcoin. It is up over 10% and consolidating around $2,125. A new multi-week high is formed near $2,137 and the price is now showing more positive signs. A short-term ascending channel is also forming with support near $2,115 on the hourly chart of ETH/USD.
It is trading above $2,050 and the 100-hourly Simple Moving Average. The price is also above the 23.6% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance around the $2,135 level. The next major resistance is at USD 2,150, above which the price could accelerate higher. In the mentioned case, the price could rise towards the USD 2,200 resistance. The next major resistance is near USD 2,250, above which the price could aim for a move towards the USD 2,320 level.
Want to buy dips in ETH?
If Ethereum fails to clear the USD 2,135 resistance, it could initiate a downward correction. The initial downside support is near the $2,115 level and the channel trendline.
The next major support is at USD 2,080. The key support is at $2,000, or the 61.8% Fib retracement level from the recent rally from the $1,905 swing low to the $2,137 high. A downward break below the $2,000 support could lead to bearish moves. In the mentioned case, Ether could fall towards the 100-hour Simple Moving Average or even $1,920 in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,080
Major resistance level – $2,150
