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TA: Ethereum Regains Strength, Why ETH Could Rally Above $2K

Ethereum started a fresh increase after the bulls defended $1,700 against the US Dollar. ETH price is likely to continue higher above the main $2,000 resistance.

Ethereum is showing positive signs above the $1,850 and $1,900 resistance levels.
The price is now well above $1,900 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to clear the $2,000 barrier and it could accelerate higher in the near term.

Ethereum Price is Gaining Pace

Ethereum remained well bid above the last swing low near $1,700. ETH formed a base above $1,700 and it started a major increase. The bulls were able to push the price above the $1,850 resistance zone.

There was also a break above a major bearish trend line with resistance near $1,840 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the of the key decline from the $2,038 swing high to $1,715 low.

It is now well above $1,900 and the 100 hourly simple moving average. Ether price is consolidating above the 76.4% Fib retracement level of the of the key decline from the $2,038 swing high to $1,715 low.

Source: ETHUSD on TradingView.com

It seems like the price could continue to rise above $1,980. The next key resistance is near the $2,000 zone. Any more gains could set the pace for a move towards the $2,115 level. It is near the 1.236 Fib extension level of the of the key decline from the $2,038 swing high to $1,715 low. An intermediate resistance could be near the $2,050 level.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,920 level.

The first major support is now forming near the $1,875 level and the 100 hourly SMA. A downside break below the $1,875 zone could lead the price further lower. In the stated case, the price could move down further towards the $1,800 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $1,875

Major Resistance Level – $2,000

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,060 0.07 % 3.04 % 17.58 %
Ethereum5,516.5 0.18 % 7.03 % 18.62 %
Binance Coin668.96 0.21 % 3.12 % 14.26 %
Cardano2.910 0.02 % 3.74 % 3.50 %
Tether1.330 0.30 % 0.08 % 0.04 %
XRP1.510 0.29 % 4.35 % 3.45 %
Solana229.64 0.18 % 10.53 % 13.64 %
Polkadot59.28 0.16 % 7.52 % 26.94 %
Dogecoin0.3410 0.06 % 4.22 % 13.32 %
USD Coin1.330 0.00 % 0.28 % 0.28 %

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