Ethereum Recovers Sharply, Why ETH Could Continue Higher above $2K

Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance.

Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels.
The price is now trading well above $1,900 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to rise further if there is a proper close above the $2,000 resistance zone.

Ethereum Price Starts Decent Increase
Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels.
There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains.
There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high.

Source: ETHUSD on TradingView.com
On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, followed by $2,100. Any more gains might call for a test of $2,200.
Dips Limited in ETH?
If Ethereum fails to continue higher above $2,000 and $2,020, it could start a downside correction. An initial support on the downside is near the $1,970 level.
The first major support is near the $1,920 level. The main support is now forming near the $1,900 level. It is close to the 50% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term. The next major support sits near the $1,800 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $1,900
Major Resistance Level – $2,000

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

SolidViolet Announcing Forthcoming Exchange to Address Compliance and Liquidity Issues in DeFi and RWAs

– Dinari today announced the upcoming release of a new compliant exchange, SolidViolet. Teased on stage last week at TokenizeThis, Dinari is setting...

Kommunitas Successfully Completes 31st Token Burn, Eliminating Over 424 Million $KOM Tokens to Strengthen Market Position

Strategic Burn Reinforces Token Scarcity and Highlights Commitment to Enhancing Token Value Through Community Engagement : Leading decentralized crowdfunding ecosystem Kommunitas announces its 31st token...

Use quantitative trading to increase your passive income – earn 1,000+ per day

Passive income is one of the best ways to boost your earnings during this upcoming crypto bull market, allowing you to enhance your portfolio...

Pitch Dojo is Going REMOTE! #Global

Get ready to witness the monthly OPL pitch competitions from anywhere in the world! Press Release / Santa Clara, California , Here at OnePiece Labs,...

Playermon Unveils PvP Battles in Exciting Version 3.0 Launch

Location, May 1, 2024 – Playermon, a leading name in the blockchain gaming landscape, has announced the successful launch of its highly anticipated Player-vs-Player...

Solvent.app Launches Revolutionary AI-Enhanced Bot Network on Solana Blockchain with Ongoing $SOLV Token Presale

April 15, 2024 – – Solvent.app, an innovative blockchain protocol, has officially announced the launch of its AI-enhanced, bot-driven revenue generation system on...