Ethereum is uncertain, but further gains above $2,000 are possible and even seem likely. The price of ETH increased as it overcame the $2,000 barrier against the US Dollar. ETH is gaining momentum and may continue to climb toward the $2,120 barrier.
Above the $1,920 barrier level, Ethereum continued to rise.
The price is currently trading over $1,950 as well as above the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a break above a short-term negative trend line with resistance close to $1,950. The $2,050 and $2,120 levels may still be within reach for the duo if they continue to climb higher. But as we’ve said Ethereum is uncertain, but further gains and great things are still possible.
ETH Price – More Upsides
Ethereum continued to trade at a healthy premium of over $1,850. Following a clean rise above the $1,880 resistance area, ETH picked its speed. It even surpassed $1,920 at one point.
The $1,950 resistance level and the 100 hourly simple moving average were breached by the bulls. When the price finally broke through the $2,000 resistance, it reached a high of $2,029. A recent downward reversal occurred below the $2,000 mark.
On the hourly chart, ether slid below a significant bullish trend line that was forming with support close to $2,000. However, the bulls were active close to the 100 hourly simple moving average despite a fall below the $1,950 mark.
When a low was reached around $1,905, the price began to rise again. The latest collapse from the $2,029 swing high to the $1,905 low was well over the 50% Fib retracement level. Even the $2,000 resistance was tested by the pricing.
The $2,000 level is close to where there is imminent upward resistance. The current collapse from the $2,029 swing high to the $1,905 low is close to the 76.4% Fib retracement level. The $2,030 mark is the first significant obstacle. A definite move above the $2,030 mark might signal the beginning of a gradual rise to $2,080. The price may in the near future move toward the $2,120 barrier area if there are more upsides.
Limited Dips In Ethereum?
Ethereum may begin a negative correction if it is unable to break over the $2,030 resistance. Near the $1,950 region is a first area of support on the downside.
The next key support is at $1,920 and the 100 hourly simple moving average. Under $1,900, where the primary support is located, there is a possibility of more losses. The price of ether may drop near the $1,855 support in the aforementioned scenario.
In similar news, we recently published a similar analysis about Bitcoin and whether the price will surge past $25,000.
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