Ethereum hit a new all-time high near $ 2,040 before correcting lower against the US dollar. The ETH price is trading well above USD 1,850 and is likely to continue towards USD 2,000.
- The ETH price rose steadily, surpassing the main resistance of $ 2,000 against the US dollar.
- The price is trading well above the $ 1,850 level and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the ETH / USD 4-hour chart (data feed via Kraken) with support near USD 1,860.
- The pair is likely to remain above the $ 1,980 and $ 2,000 levels in the short term.
Ethereum is gaining momentum
For the past week, Bitcoin and Ethereum rose steadily against the US dollar above $ 1,900 and $ 50,000, respectively. ETH even hit the important resistance level of $ 2,000 to move further into a positive zone.
It traded at a new all-time high near $ 2,040 and was well above the simple moving average of 100 (4 hours). Recently, there has been a short-term downward correction below the USD 2,000 and USD 1,950 support levels. The Ether price was even below the support level of $ 1,850.
Source: ETHUSD on TradingView.com
However, the bulls were active near the $ 1,820 level. A low is being formed near $ 1,813 and the price is currently rising. There was a break above the 50% fib retracement level of the recent correction from the high of $ 2,040 to the low of $ 1,813.
A major bullish trendline is also forming on the 4-hour chart of ETH / USD with support near USD 1,860. Immediate resistance to the upside is near the USD 1,950 level. It coincides with the 61.8% fib retracement level of the recent correction from the high of $ 2,040 to the low of $ 1,813.
A clear break above the USD 1,950 and USD 1,980 levels will most likely open the doors to further gains. Also, a daily close above $ 2,000 will most likely pump the price towards $ 2,150 and $ 2,200.
Dips supported in Ether (ETH)?
If Ethereum is struggling to pace above the USD 1,950 level, it could correct lower. The first major support on the downside is near trendline support and at $ 1,850.
A downside break below trendline support could potentially require a longer break below the $ 1,813 low. The next big support is near the $ 1,760 level or the simple moving average of 100 (4 hours).
Technical indicators
4 hours MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
4 hour RSI – The RSI for ETH / USD is still above the 50 level.
Main support tier – $ 1,850
Main Resistance Level – $ 2,000
