Ethereum prices have risen by over 10%, breaking through the resistance level of $2000. ETH outperforms Bitcoin and may further rise to the $2200 resistance level
Ethereum prices have risen by over 10%, breaking through the resistance level of $2000. ETH outperforms Bitcoin and may further rise to the $2200 resistance level.
- Ethereum rebounded above $2000 and $2050.
- The price is trading above $2050 and the 100 hour simple moving average.
- A short-term upward channel is forming on the ETH/USD hourly chart, with support around $2115 (data from Kraken).
- In the short term, the currency pair may continue to rise to the resistance level of $2200.
Ethereum prices have regained strength
In the past 2-3 analyses, we discussed the high opportunity for Ethereum to soar to the $2000 level. ETH has indeed started to rise strongly and has broken through many obstacles around $1920.
It even soared above the $2000 resistance level, outperforming Bitcoin. Rising by over 10% and consolidating around $2125. A multi week high has formed around $2137, and prices are now showing more positive signs. There is also a short-term upward channel formed on the ETH/USD hourly chart, with support level around $2115.
Its trading price is above $2050 and the 100 hour simple moving average. The price is also higher than the 23.6% Fib retracement level that has recently rebounded from a fluctuating low of $1905 to a high of $2137.
On the positive side, the price is facing resistance around $2135. The next major resistance level is $2150, and if it breaks through, prices may accelerate to rise. In the above situation, the price may rise to the resistance level of $2200. The next key resistance level is around $2250, and if it breaks through, the price may rise to the level of $2320.
Buying ETH on dips?
If Ethereum fails to break through the resistance level of $2135, it may begin a downward correction. The initial support for the downward trend is located near the $2115 level and channel trend line.
The next key support level is $2080. The main support level is $2000, which is the 61.8% Fibonacci pullback level that has recently rebounded from a fluctuating low of $1905 to a high of $2137. Breaking below the support level of $2000 may trigger a bearish trend. In the above situation, Ethereum may fall towards the 100 hour simple moving average in the short term, or even towards $1920.
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