#Ethereum price has initiated a bullish trend after surpassing the resistance level of $1,880 against the US Dollar. As a result, the price of ETH is expected to continue its upward trajectory, potentially reaching the $2,000 level.
#ETH price has demonstrated resilience and support above the $1,800 level, resulting in a positive market sentiment. Moreover, ETH has experienced a significant upward move, breaking through the $1,850 resistance level, similar to Bitcoin, which surpassed the $28,800 level.
On the hourly chart of ETH/USD, a significant bullish move occurred after breaking through a crucial bearish trend line with resistance at around $1,860. As a result, the pair surpassed the $1,900 level, reaching a high of $1,917 before consolidating gains.
The price is currently trading above the $1,880 level and the 200-hourly Simple Moving Average, indicating a positive market sentiment. Additionally, Ether is maintaining its position above the 23.6% Fibonacci retracement level, which represents the recent increase from the $1,843 swing low to the $1,917 high.
The immediate resistance level for ETH/USD is around $1,915 and coincides with the upper boundary of the Descending Triangle. A significant resistance level seems to be forming near $1,940, and a bullish breakout beyond this level could propel Ethereum towards the next resistance level at $2,000. Further gains could push the price towards the $2,050 and even $2,120 resistance levels.
On the other hand, if Ethereum fails to break through the $1,940 resistance level, a downside correction may occur. The $1,880 level or the 50% Fibonacci retracement level from the recent swing low of $1,843 to high of $1,917 may provide critical support. However, if the price drops below this level, the next support level could be around $1,840. Any further losses may cause the price to drop towards the $1,800 level in the short term.
KEY LEVELS :
RESISTANCE LEVEL : $1,940-$1,980
SUPPORT LEVEL : $1,860-$1,820
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
