TA: Ethereum Breaks 100 SMA, Why ETH Looks Set For Fresh Run To $2K
Ethereum is rising and it broke the key $1,800 resistance against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards $2,000.
- Ethereum is forming a support base above the $1,750 and $1,760 levels.
- The price is now well above the $1,800 zone and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase once it clears the $1,850 resistance zone.
Ethereum Price is Eyeing Fresh Surge
Ethereum remained well bid above the $1,750 support zone. As a result, ETH started a fresh increase above the $1,800 resistance zone, similar to bitcoin above $58,000.
The bulls took control, resulting in a steady increase above the $1,800 resistance. It is now well above the $1,800 zone and the 100 hourly simple moving average. There was also a break above a major bearish trend line with resistance near $1,780 on the hourly chart of ETH/USD.
The pair is now trading above the 50% Fib retracement level of the key decline from the $1,944 swing high to $1,710 support zone. Ether price is now testing the $1,850 resistance zone. The 61.8% Fib retracement level of the key decline from the $1,944 swing high to $1,710 support zone is also near the $1,855 level to act as a major hurdle.
Source: ETHUSD on TradingView.com
A successful break above the $1,850 and $1,855 resistance levels could open the doors for a larger increase. The next key resistance is near the $1,895 level, above which ether price might rise to $1,920 or even $2,000 in the coming sessions.
Fresh Decline in ETH?
If Ethereum fails to climb above the $1,850 and $1,855 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $1,800 level and the 100 hourly simple moving average.
The next major support is near the $1,750 level, below which ether price might retest the main $1,710 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $1,750
Major Resistance Level – $1,855