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Home»Analysis»Ethereum price follows Bitcoin and $2,000 seems imminent
Analysis

Ethereum price follows Bitcoin and $2,000 seems imminent

2023-06-22No Comments2 Mins Read
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Ethereum price rises above $1,850 against the US dollar. ETH is clearly following Bitcoin’s rally and could soon test the $2,000 resistance zone.

  • Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
  • The price is trading above $1,850 and the 100-hour Simple Moving Average.
  • A major bullish trendline is forming with support near USD 1,890 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could continue to rise above the $1,930 and $1,950 resistance levels.

Ethereum price rises more than 6%

Ethereum price started to climb steadily above the $1,720 resistance zone. Recently, Bitcoin saw a major increase and helped ETH clear the $1,850 resistance.

The price is up more than 6% and there was a move above the $1,900 level. A high is forming near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level from the recent rally from the $1,715 swing low to the $1,930 high.

Ether is also well above $1,850 and the 100-hour Simple Moving Average. In addition, a major bullish trendline is forming with support near $1,890 on the ETH/USD hourly chart.

Ethereum price

Source: ETHUSD at TradingView.com

Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels could push the price further. The next resistance is near USD 2,000, above which Ethereum could rise towards the USD 2,050 level. More gains above the $2,050 resistance zone could push the price towards the $2,120 resistance.

See also  Bitcoin [BTC]: Altcoins bite the dust like these investors prefer...

Are dips supported in ETH?

If Ethereum fails to clear the $1,950 resistance, it could start a downside correction. The first support on the downside is near the $1,900 level.

The next key support is near the $1,880 level or the recent low. If there is a break and breaks below the $1,880 support, the price could drop to the $1,820 support or the 50% Fib retracement level from the recent rally from the $1,715 swing low to the $1,930 high. Even more losses might send the price towards the $1,780 zone or the 100-hour Simple Moving Average.

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 in the overbought zone.

Major Support Level – $1,780

Major resistance level – $1,950

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Bitcoin Ethereum Imminent Price
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