Ethereum Price Looks Ready For Another Leg Higher Over $2,000

2023-07-03 03:58:48

Ethereum price is gaining pace above $1,920 against the US Dollar. ETH could gain bullish momentum and might soon clear the $2,000 resistance.

Ethereum is attempting a fresh increase above the $1,920 zone.
The price is trading above $1,900 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily toward the $2,000 resistance in the near term.

Ethereum Price Aims Higher

Ethereum’s price remained well-bid above the $1,820 support zone. ETH formed a support base and started a fresh increase above the $1,880 level, outperforming Bitcoin.

There was a clear move above the $1,920 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $1,925 on the hourly chart of ETH/USD. The price even traded to a new multi-day high at $1,960 and is currently consolidating gains.

It is now showing positive signs and might soon continue to rise toward the $2,000 resistance. Ether is now trading above $1,900 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $1,889 swing low to the $1,960 high.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,960 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a fresh rally. The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. Any more gains could send Ether toward the $2,220 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,960 resistance or $1,980, it could start a downside correction. Initial support on the downside is near the $1,930 level.

The next major support is near the $1,920 level. It 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. 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.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,900

Major Resistance Level – $1,960

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