Bitcoin

Ethereum bulls keep paying, why is the pool not over yet


Ethereum started a new increase above the key $2000 resistance area against the US Dollar. ETH price could correct lower, but the bulls are likely to remain active around $2000.

  • Ethereum is showing positive signs above the $2000 and $2,050 support levels.
  • The price is now well above $2000 and the 100 hourly simple moving average.
  • There is a major uptrend franchise forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline in the short term, but the bulls may be protecting the support area at $1,950.

Ethereum price remains strong

Ethereum started file fixed increase After it broke the $1,850 resistance. Ethereum price surged above the $2000 resistance area and the 100 hourly simple moving average.

The price even rose above the $2100 level. It tested the 1.236 Fibonacci extension of the main decline from the $2,035 high to $1,710. The price traded as high as $2,144 and is now consolidating its gains.

It’s now well over $2000 and Simple moving average per 100 hours. There is immediate support near the $2,040 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,715 swing low to $2,144 high.

Source: ETHUSD on TradingView.com

The next major support is near the $2000 level. There is also a major uptrend privilege forming with support near $1,960 on the hourly chart of ETH/USD. The trendline support at $1,960 is also close to the hourly 100 simple moving average.

Any further losses could result in a sharp drop below $1,950. The next major support on the downside is near the $1,850 level.

A new drop in ETH?

If Ethereum stays above trend line support and $1,950, it may continue higher. There is an immediate resistance on the upside near the $2,150 level.

The next major resistance is near the $2,200 area. Any further gains could set the pace for a move towards the $2,250 level. A close above $2,250 may open the door for a steady increase towards the $2500 level in the near term.

Technical Indicators

MACD per hourETH/USD’s MACD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level.

Major Support Level – 1950 USD

Key Resistance Level – $2150



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