More

    Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

    Ethereum started a fresh increase above the key $2,000 resistance zone against the US Dollar. ETH price could correct lower, but the bulls are likely to remain active near $2,000.

    Ethereum is showing positive signs above the $2,000 and $2,050 support levels.
    The price is now well above $2,000 and the 100 hourly simple moving average.
    There is a key bullish trend lien forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could dip in the short-term, but the bulls might protect the $1,950 support zone.

    Ethereum Price Remains Strong
    Ethereum started a steady increase after it broke the $1,850 resistance. ETH price gained pace above the $2,000 resistance zone and the 100 hourly simple moving average.
    The price even climbed above the $2,100 level. It tested the 1.236 Fib extension level of the of the main decline from the $2,035 swing high to $1,710 low. The price traded as high as $2,144 and it is now consolidating gains.
    It is now well above $2,000 and the 100 hourly simple moving average. An immediate support is near the $2,040 level. It is close to the 23.6% Fib retracement level of the 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 $2,000 level. There is also a key bullish trend lien forming with support near $1,960 on the hourly chart of ETH/USD. The trend line support at $1,960 is also close to the 100 hourly SMA.
    Any more losses could spark a nasty decline below $1,950. The next major support on the downside is near the $1,850 level.
    Fresh Decline in ETH?
    If Ethereum remains above the trend line support and $1,950, it could continue to rise. An immediate resistance on the upside is near the $2,150 level.
    The next key resistance is near the $2,200 zone. Any more gains could set the pace for a move towards the $2,250 level. A close above $2,250 might open the doors for a steady increase towards the $2,500 level in the near term.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
    Major Support Level – $1,950
    Major Resistance Level – $2,150

    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) $ 41,445.00
    ethereum
    Ethereum (ETH) $ 2,460.33
    tether
    Tether (USDT) $ 0.999312
    binance-coin
    Binance Coin (BNB) $ 331.26
    cardano
    Cardano (ADA) $ 1.31
    xrp
    XRP (XRP) $ 0.745985
    dogecoin
    Dogecoin (DOGE) $ 0.211826
    usd-coin
    USD Coin (USDC) $ 1.00
    polkadot
    Polkadot (DOT) $ 16.46
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 21.28
    bitcoin-cash
    Bitcoin Cash (BCH) $ 540.94
    chainlink
    Chainlink (LINK) $ 21.66
    litecoin
    Litecoin (LTC) $ 143.36
    solana
    Solana (SOL) $ 34.58
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,406.00
    matic-network
    Polygon (MATIC) $ 1.05
    stellar
    Stellar (XLM) $ 0.287275
    ethereum-classic
    Ethereum Classic (ETC) $ 50.64
    theta-token
    Theta Network (THETA) $ 6.07
    internet-computer
    Internet Computer (ICP) $ 42.11
    vechain
    VeChain (VET) $ 0.088073
    dai
    Dai (DAI) $ 0.999851
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022099
    okb
    OKB (OKB) $ 18.40
    filecoin
    Filecoin (FIL) $ 51.72
    cdai
    cDAI (CDAI) $ 0.021569
    tron
    TRON (TRX) $ 0.063826
    terra-luna
    Terra (LUNA) $ 10.85
    monero
    Monero (XMR) $ 236.96
    aave
    Aave (AAVE) $ 318.10
    eos
    EOS (EOS) $ 4.05
    compound-ether
    cETH (CETH) $ 49.27
    ftx-token
    FTX Token (FTT) $ 34.64
    amp-token
    Amp (AMP) $ 0.073920
    cosmos
    Cosmos (ATOM) $ 12.74
    neo
    NEO (NEO) $ 46.44
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128129
    pancakeswap-token
    PancakeSwap (CAKE) $ 15.81
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    the-graph
    The Graph (GRT) $ 0.617430
    leo-token
    LEO Token (LEO) $ 3.04
    algorand
    Algorand (ALGO) $ 0.840104
    bitcoin-sv
    Bitcoin SV (BSV) $ 139.78
    celsius-degree-token
    Celsius Network (CEL) $ 6.19
    maker
    Maker (MKR) $ 2,885.12
    klay-token
    Klaytn (KLAY) $ 1.04
    tezos
    Tezos (XTZ) $ 3.03
    iota
    IOTA (MIOTA) $ 0.874119
    axie-infinity
    Axie Infinity (AXS) $ 43.07