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When Bears Show Weakness, Ethereum’s Rise to $2,000 Becomes Easier: Insights from a Professional Bitcoin Trader

Ethereum price has started a new uptrend above the $1,800 resistance against the US Dollar. ETH is showing positive signs and could rise towards $2,000.

  • Ethereum remained strong above the $1,700 region and recovered its losses.
  • The price is trading above $1,780 and the 100 hourly simple moving average.
  • An important bullish trend line is forming with support at $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
  • If the pair closes above the $1,850 resistance, it could rally towards $2,000.

Ethereum Price Heading Towards Upside

Ethereum price started a decline below the $1,750 support. However, buyers were active above the $1,700 support region. A low was formed near $1,713 and ETH price started a new uptrend similar to bitcoin.

The price gained momentum above the $1,750 and $1,780 resistance levels. There was a clear move above the $1,800 resistance zone. The upside was such that the price even surged above the $1,850 resistance zone. A high was formed near $1,858 and the price is now consolidating gains. An important bullish trend line is forming with support at $1,780 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,830 level. The next major resistance is near the $1,850 level. If the price closes above the $1,850 resistance zone, a strong uptrend could begin.

Ethereum USD 1h
Ethereum USD 1h

The next target for buyers could be $2,000. Further gains could accelerate to test the $2,120 resistance in the near term.

Downside Break in ETH?

If Ethereum fails to surpass the $1,850 resistance, it could start another decline. The first support on the downside is near the $1,790 level and the trend line. The next major support is near the $1,765 level or the 61.8% Fib retracement level of the rise from the $1,713 low to $1,858 high. A break below $1,765 could lead the price to decline towards $1,720. Further losses may require testing the $1,660 level.

Technical Indicators

  • Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.
  • Hourly RSIThe RSI for ETH/USD is currently above the 50 level.
  • Major Support Level – $1,765
  • Major Resistance Level – $1,850
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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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