Why Ethereum Is Attractive On Dips Despite Slow Rise Towards $2K

Ethereum was trading at another all-time high of $ 1,950 against the US dollar. ETH price corrects gains but is set to stay strong above $ 1,900 and $ 1,880.

  • Ethereum is following a bullish path, hitting a new all-time high of $ 1,950.
  • The price is now trading well above $ 1,900 and the 100-hour simple moving average.
  • A major rising channel is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,910.
  • The pair could continue to decline, but the bulls are likely to remain active near $ 1,880.

The Ethereum price remains on the uptrend

Ethereum stayed well bid above $ 1,850 and extended its uptrend. The price gained momentum above the $ 1,900 level and even surpassed $ 1,920.

It was trading to a new all-time high at $ 1,950, but there was no test of the $ 2,000 level. The price is currently correcting lower and trading below $ 1,920. It tests the $ 1,910 support and the 23.6% fib retracement level of the recent rise from the $ 1,734 low to the $ 1,950 high.

Source: ETHUSD on TradingView.com

A major rising channel is also forming on the hourly chart of ETH / USD with support near USD 1,910. On the upside, ether faces resistance near the USD 1,950 level. The next hurdle could be $ 1,960 and the upper trendline of the channel.

A sharp break above the channel resistance could open the doors for a push towards the $ 1,980 level. The main target for the bulls is still near the $ 2,000 level.

Dips supported at ETH?

Unless Ethereum extends its surge past the $ 1,950 level, it could go further down. The first major support is near the USD 1,910 level and the channel trendline. The next major support is near the $ 1,880 level.

Further losses could push the price towards the USD 1,850 support zone. It is close to the 50% fib retracement level of the recent spike from $ 1,734 to $ 1,950. The 100 hour simple moving average is also near the $ 1,850 zone. A downside break below the $ 1,850 support could require a move back to the $ 1,780 level.

Technical indicators

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

Hourly RSI – – The RSI for ETH / USD is now close to the 50 level.

Main support tier – $ 1,880

Main Resistance Level – $ 1,950

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