Ethereum Bullish: Price Holds Key Uptrend Support Above $2K

  • Ethereum price is rising above the $2,000 level against the US Dollar.
  • ETH/USD could rise further if it clears the $2,140 resistance zone.
  • The pair is trading with a key rising channel formation with support near $2,060 on 4 hour chart.

Ethereum Price Analysis

Ethereum price is moving higher above the $2,000 resistance against the US Dollar. ETH price is now trading above $2,000 and the 55 simple moving average (4 hours). There is a key rising channel forming with support near $2,060 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it stays above the $2,000 support zone.

Uptrend Support

In the past few days, Ethereum saw a decent increase above the $1,880 level against the US Dollar. ETH price was able to gain pace for a move above the $2,000 level and the 55 simple moving average (4 hours). The bulls even pushed the price above the $2,100 resistance zone. A high was formed near $2,142 before some bearish pressures appeared. There was a minor downside correction below the $2,100 level. The price dipped below 23.6% Fib retracement level of its upward move from swing low of $1,855 to high of$ 2142.

Resistance Levels

At present time Ether’s price is trading just above $2000 and its 55 simple moving average (4 hours). Additionally there is a key rising channel formation with support near at around$2060 in 4 hour chart.. Immediate resistance on upside lies at around$2100 while major resistance lies at around$ 2140 . If this hurdle gets cleared then Ethereum can surge up to next levels of$2200 or even beyond that towards$2320 and then up to 2400 levels in short term run .

On downside initial support lies at around 2060 followed by 2050 . In case bears manage to clear these hurdles then Ethereum will have potential to fall upto 2000 or more likely 1900 mark in short term run . 50 % Fib retracement level of its upward move from swing low of 1855to high of 2142 lies at 2000 mark which makes this an important point for bulls as well as bears both .

From technical analysis perspective , Ethereum’spriceis clearly tradingabovethe2000zoneandthe55simplemovingaverage(4hours).Overall , Ether’spricecouldclimbfurtherifitstaysabovethe2000supportzone .

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