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Home»Analysis»Ethereum price breaks $2,000 as the bulls take over the crypto market
Analysis

Ethereum price breaks $2,000 as the bulls take over the crypto market

2023-07-16No Comments3 Mins Read
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Ethereum price is up more than 7% and is trading above $2,000 against the US dollar. ETH picked up pace after XRP surged more than 80% and cleared $0.90.

  • Ethereum is up more than 7% from the $1,850 support zone.
  • The price is trading above $1,980 and the 100-hour Simple Moving Average.
  • There was a break above a major contracting triangle with resistance near $1,885 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could continue to rise towards the $2,050 and $2,120 resistance levels.

Ethereum price is aiming higher

Ethereum price held up well above the $1,850 zone. ETH started a decent surge after XRP surged more than 50%. There was a move above the main $1,890 resistance zone. Many altcoins, including MATIC, SOL, BNB, and ADA, have made significant gains in the past few hours.

There was also a break above a major contraction triangle with resistance near $1,885 on the ETH/USD hourly chart. The pair gained more than 7% and even surpassed the $2,000 resistance zone. A high is forming near $2,027 and the price is now consolidating gains.

Ether is trading above USD 1,980 and the 100-hour Simple Moving Average. It is also well above the 23.6% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high.

Ethereum price

Source: ETHUSD at TradingView.com

On the upside, immediate resistance is near the $2,025 level. The first major resistance is near the $2,050 zone, above which the price could rise towards the $2,120 resistance zone. The next major resistance is near the $2,200 level. Any further gains could send Ether towards the $2,250 or even $2,350 resistance.

See also  Ethereum Price Prediction: Is the ETH Rally After a 10% Surge Just Getting Started?

Are dips limited in ETH?

If Ethereum fails to clear the $2,025 resistance, it could start a downside correction. The first support on the downside is near the $2,000 level.

The first major support is near the $1,980 level, below which the price could test the $1,945 level. It is close to the 50% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high. The next major support is near the $1,905 level. More losses could send Ether towards the $1,865 support level in the near term.

Technical indicators

MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,945

Major resistance level – $2,050

Source link

Breaks Bulls Crypto Ethereum market Price
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