Ethereum Price Primed To Test $2,000, These Could Be The Factors To Watch

Ethereum price is moving higher above the $1,900 resistance against the US dollar. ETH could accelerate higher toward $2,000 or even $2,120 in the coming sessions.

• Ethereum is showing positive signs above the $1,900 level.
• The price is trading above $1,880 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move higher toward the $2,000 barrier in the near term.

Ethereum Price Looks Set To Rally

There was also a move above the $1,920 resistance. The price traded to a new multi-week high at $1,925 and is currently consolidating gains. The current price action is positive above the 23.6% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high.

Ethereum is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,905 level and the trend line.

The next key support is $1,880 or the 100 hourly SMA or the 61.8% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,780 level.

Technical Indicators

Major Support Level – $1,880

Major Resistance Level – $1,950