TA: Ethereum Climbs To $1,900, Why $2K Could Be Next
11 August 2022 - 03:28PM
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Ethereum started a major increase above $1,800 against the US
Dollar. ETH is rising and might continue to rise towards the $2,000
resistance zone. Ethereum found support near $1,680 and started a
fresh increase. The price is now trading above $1,800 and the 100
hourly simple moving average. There was a break above a major
bearish trend line with resistance near $1,740 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could continue to rise
further higher towards the $1,950 and $2,000 levels. Ethereum Price
Rallies 12% Ethereum remained well bid above the $1,650 level. ETH
formed a base and started a fresh increase above the $1,750
resistance zone. The bulls pumped the price above the $1,800 level.
The price climbed higher and even broke the $1,850 resistance.
Finally, there was a move above the $1,900 and the price settled
above the 100 hourly simple moving average. A high was formed near
$1,919 and the price is now consolidating gains. It is now trading
well above $1,800 and the 100 hourly simple moving average. Ether
price is also well above the 23.6% Fib retracement level of the
upward move from the $1,655 low to $1,919 high. Source: ETHUSD on
TradingView.com An immediate resistance on the upside is near the
$1,920 level. The first major resistance is near the $1,950 level.
A clear move above the $1,950 level could start a steady increase
to $2,000. If the bulls remain in action, the price may perhaps
rise towards the $2,120 resistance zone in the near term. Dips
Supported in ETH? If ethereum fails to rise above the $1,920
resistance, it could start a downside correction. An initial
support on the downside is near the $1,850 zone. The next major
support is near $1,800. The main support is near the $1,780 level
or the 50% Fib retracement level of the upward move from the $1,655
low to $1,919 high, below which there is a risk of a sharp decline.
In the stated case, ether price may perhaps decline towards the
$1,750 support. Any more losses might call for a test of the $1,700
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
now losing momentum in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now above the 65 level. Major Support Level – $1,780
Major Resistance Level – $1,920
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