TA: Ethereum Climbs To $1,900, Why $2K Could Be Next

2022-8-11 08:28

Ethereum started a major increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

Ethereum found support near $1,680 and started a fresh increase. The price is now trading above $1,800 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise further higher towards the $1,950 and $2,000 levels. Ethereum Price Rallies 12%

Ethereum remained well bid above the $1,650 level. ETH formed a base and started a fresh increase above the $1,750 resistance zone. The bulls pumped the price above the $1,800 level.

The price climbed higher and even broke the $1,850 resistance. Finally, there was a move above the $1,900 and the price settled above the 100 hourly simple moving average. A high was formed near $1,919 and the price is now consolidating gains.

It is now trading well above $1,800 and the 100 hourly simple moving average. Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to $1,919 high.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,950 level. A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls remain in action, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Dips Supported in ETH?

If ethereum fails to rise above the $1,920 resistance, it could start a downside correction. An initial support on the downside is near the $1,850 zone. The next major support is near $1,800.

The main support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to $1,919 high, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,750 support. Any more losses might call for a test of the $1,700 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 65 level.

Major Support Level – $1,780

Major Resistance Level – $1,920

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ethereum increase started towards rise might rising

Источник: newsbtc.com

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