More

    Why Ethereum Is Attractive On Dips Despite Slow Rise Towards $2K

    Ethereum traded to yet another all-time high at $1,950 against the US Dollar. ETH price is correcting gains, but it is likely to remain strong above $1,900 and $1,880.
    Ethereum is following a bullish path and it climbed to a new all-time high at $1,950.
    The price is now trading well above $1,900 and the 100 hourly simple moving average.
    There is a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could dip further, but the bulls are likely to remain active near $1,880.
    Ethereum Price Remains In Uptrend
    Ethereum remained well bid above $1,850 and it extended its upward move. The price gained momentum above the $1,900 level and it even surpassed $1,920.
    It traded to a new all-time high at $1,950, but there was no test of the $2,000 level. The price is currently correcting lower and trading below $1,920. It is testing the $1,910 support and the 23.6% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high.

    Source: ETHUSD on TradingView.com
    There is also a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD. On the upside, ether is facing resistance near the $1,950 level. The next hurdle could be $1,960 and the channel upper trend line.
    A clear break above the channel resistance could open the doors for a push towards the $1,980 level. The main target for the bulls is still near the $2,000 level.
    Dips Supported in ETH?
    If Ethereum fails to extend its rise above the $1,950 level, there could continue to move down. The first major support is near the $1,910 level and the channel trend line. The next key support is near the $1,880 level.
    Any more losses might lead the price towards the $1,850 support zone. It is close to the 50% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high. The 100 hourly simple moving average is also near the $1,850 zone. A downside break below the $1,850 support might call for a drop towards the $1,780 level.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
    Major Support Level – $1,880
    Major Resistance Level – $1,950

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,765.00
    ethereum
    Ethereum (ETH) $ 2,653.75
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.66
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.750620
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.205317
    polkadot
    Polkadot (DOT) $ 18.58
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 23.03
    chainlink
    Chainlink (LINK) $ 23.74
    bitcoin-cash
    Bitcoin Cash (BCH) $ 550.52
    litecoin
    Litecoin (LTC) $ 143.45
    solana
    Solana (SOL) $ 33.91
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,733.00
    matic-network
    Polygon (MATIC) $ 1.07
    ethereum-classic
    Ethereum Classic (ETC) $ 51.88
    stellar
    Stellar (XLM) $ 0.280656
    theta-token
    Theta Network (THETA) $ 5.94
    vechain
    VeChain (VET) $ 0.087105
    internet-computer
    Internet Computer (ICP) $ 40.94
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.22
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022115
    okb
    OKB (OKB) $ 18.80
    terra-luna
    Terra (LUNA) $ 12.02
    tron
    TRON (TRX) $ 0.065365
    cdai
    cDAI (CDAI) $ 0.021604
    monero
    Monero (XMR) $ 235.64
    aave
    Aave (AAVE) $ 326.78
    compound-ether
    cETH (CETH) $ 53.15
    eos
    EOS (EOS) $ 4.09
    ftx-token
    FTX Token (FTT) $ 36.33
    cosmos
    Cosmos (ATOM) $ 12.69
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.17
    amp-token
    Amp (AMP) $ 0.067737
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125843
    neo
    NEO (NEO) $ 44.90
    the-graph
    The Graph (GRT) $ 0.671117
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.99
    maker
    Maker (MKR) $ 3,016.82
    tezos
    Tezos (XTZ) $ 3.19
    algorand
    Algorand (ALGO) $ 0.831479
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.00
    iota
    IOTA (MIOTA) $ 0.914025
    avalanche-2
    Avalanche (AVAX) $ 13.29