Why Ethereum Is Poised For A Fresh Surge To $2,000

Ethereum is consolidating gains above $1,750 against the US Dollar. ETH price is likely to start a strong increase towards $2,000 as long as it is above the $1,700 support.

  • Ethereum failed to clear the $1,850 resistance and corrected lower below $1,800.
  • The price is now holding gains above $1,750 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,770 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a fresh increase towards the $1,850 and $1,900 levels in the near term.

Ethereum Price Remains Well Bid

Ethereum made another attempt to gain momentum above the $1,850 and $1,860 resistance levels. However, ETH price failed to gain momentum above $1,850, unlike bitcoin which rallied above $46,000.

A high was formed near $1,870 before there was a downside correction. The price dipped below the $1,820 and $1,800 support levels. A low is formed near $1,763 and the price is now consolidating in a range. It is also holding gains above $1,750 and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $1,770 on the hourly chart of ETH/USD. An immediate resistance is near the $1,815 level. It is close to the 50% Fib retracement level of the recent decline from the $1,870 high to $1,763 low.

Source: ETHUSD on TradingView.com

The main hurdle is now forming near the $1,830 level. The 61.8% Fib retracement level of the recent decline from the $1,870 high to $1,763 low is also near the $1,830 level.

A clear break above the $1,815 and $1,830 levels may possibly start a strong increase in the coming sessions. In the stated case, the price is likely to rise steadily towards the $1,870 and $1,880 levels. The main target for the bulls is still the $2,000 barrier.

Dips Supported in ETH?

If Ethereum fails to resume higher above the $1,815 and $1,830 resistance levels, it could correct further lower. The first key support is near the trend line at $1,770.

The main support is now forming near the $1,760 level and the 100 hourly simple moving average. If there is a downside break below the $1,760 support, ether price might decline towards the $1,700 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,760

Major Resistance Level – $1,830

Source