Ethereum Price Surges Above $2,000
Ethereum price has recently demonstrated a significant upward movement, breaking free from its previous resistance levels and establishing a foothold above the $2,000 zone. With gains exceeding 25%, ETH is now trading comfortably around the $2,200 mark, showing signs of consolidation and potential for further growth.
- Ethereum initiated a fresh surge above the critical $2,000 resistance.
- The current price is maintaining above $2,120 and the 100-hourly Simple Moving Average.
- There exists a connecting bullish trend line, providing support at the $2,150 level on the hourly chart of ETH/USD (data feed via Kraken).
- Should the price surpass the $2,250 resistance, it may likely continue its upward trajectory.
The journey to the current price level began when Ethereum found support and initiated an increase above the $1,880 resistance, outpacing Bitcoin’s growth trajectory. The bulls successfully pushed ETH above the $2,000 mark, culminating in a high of $2,241. Currently, the price appears to be consolidating above the 23.6% Fibonacci retracement level of the upward movement from the swing low of $1,752 to the recent high.
As it stands, Ethereum is trading above the $2,200 threshold and the 100-hourly Simple Moving Average, indicating healthy bullish momentum. The bullish trend line forming with support at $2,150 enhances the prospects for continued price escalation.
As we look ahead, hurdles are emerging near the $2,240 level, with the next significant resistance positioned at $2,250. A decisive move beyond this point could set Ethereum on a path toward $2,320, and potentially $2,450, paving the way for gains towards $2,500 or even higher in the near term.
What If We See a Decline in ETH?
Conversely, if Ethereum struggles to clear the $2,250 resistance, we must consider the possibility of a downside correction. Initial support levels can be located near $2,200, with the first major support resting at the $2,150 zone, coinciding with the bullish trend line.
A clear move below the $2,150 support level risks pushing the price toward $2,075, and further losses could see ETH testing the $2,020 support level. Ultimately, the key psychological support level remains the $2,000 mark.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is gaining momentum, indicating strong bullish sentiment.
Hourly RSI: The RSI has risen above the 50 zone, further affirming the positive momentum.
Major Support Level: $2,150
Major Resistance Level: $2,250
