Key Points:
- Ethereum price rises above $1,960, outperforming Bitcoin.
- Positive signs indicate potential rise towards $2,000 resistance.
- Immediate resistance at $1,960, next major resistance at $2,000.
Ethereum’s price has been performing well lately and has remained above the support zone of $1,820.
It seems that the cryptocurrency has formed a support base and has started a fresh increase above the $1,880 level, which is a positive sign for investors. In fact, it has even outperformed Bitcoin.
Recently, there was a clear move above the $1,920 resistance zone, which is another indication of the cryptocurrency’s positive momentum. In addition, there was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD, which further confirmed the bullish trend. As a result, the price even traded to a new multi-day high at $1,960 and is currently consolidating gains.
Ethereum is now showing signs that it might continue to rise towards the $2,000 resistance. It is currently trading above $1,900 and the 100-hourly Simple Moving Average, and is also above the 23.6% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high. This indicates that the cryptocurrency is in a strong position to continue its upward momentum.
If Ethereum manages to clear the $1,960 resistance or $1,980, it could potentially start a fresh rally. The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. There is also a possibility that any more gains could send Ether toward the $2,220 resistance. However, if the cryptocurrency fails to clear the $1,960 resistance or $1,980, it could start a downside correction. In this case, the initial support on the downside is near the $1,930 level, followed by the major support near the $1,920 level, which is close to the 61.8% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high.
The first major support is near $1,900 and the 100-hourly Simple Moving Average, is a strong support level. If there is a move below $1,900, the price could drop toward $1,880. Any more losses may perhaps send the price toward the $1,840 support. Overall, Ethereum’s performance is positive and investors can expect more gains in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://coincu.com/199640-ethereum-skyrockets-potential-surge-beyond-2000/