Ethereum Price Poised for a Spike—$2,000 Target May Be Approaching
Reasons for Confidence
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Ethereum has embarked on a new upward trend, surpassing the $1,800 mark and is now aiming for a breakout above the $1,850 resistance level.
- Ethereum initiated a recovery movement above the $1,820 resistance.
- The current price trades above $1,820 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming, offering support at the $1,810 mark on the hourly ETH/USD chart.
- If the price breaches the $1,850 resistance, further upward movement is likely.
Ethereum Price Continues to Show Support for Gains
The Ethereum price demonstrated resilience, initiating a surge above $1,780, paralleling the movement of Bitcoin. ETH gained momentum to move past the $1,800 resistance area.
The bulls managed to push the price over the 50% Fibonacci retracement level related to the downward movement from the $1,872 peak to the $1,752 low. Additionally, a bullish trend line is forming with support at $1,810 on the hourly ETH/USD chart.
Currently, Ethereum is trading above $1,820 and the 100-hourly Simple Moving Average. The price encounters resistance near the $1,840 level and at the 76.4% Fibonacci retracement level of the downtrend from the $1,872 peak to the $1,752 low.
The next significant resistance stands around the $1,850 mark, with a primary resistance level near $1,920. A decisive advance past the $1,920 barrier could propel the price towards the $1,950 level. Should Ethereum surpass the $1,950 resistance, it may signal continued gains in the upcoming sessions. In such a scenario, Ethereum could approach the $2,000 resistance zone, or potentially reach $2,050 shortly.
Potential Downtrend in ETH?
If Ethereum is unable to break through the $1,850 resistance, it may trigger a new downward adjustment. Initial support lies around the $1,825 level. The first major support area is close to the $1,810 mark and the relevant trend line.
A clear decline past the $1,810 support might drive the price down to the $1,780 support area. Additional losses could lead to a drop towards the $1,750 support level soon. The next critical support lies at $1,665.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing increasing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 threshold.
Key Support Level – $1,810
Key Resistance Level – $1,850
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