Ethereum Price Key Indicators Suggest Strong Case For Rally To $2,200

2023-07-04 04:10:48

Ethereum price is rising pace above $1,940 against the US Dollar. ETH could continue to gain pace if it clears the $2,000 resistance zone.

Ethereum is moving higher toward the $2,000 zone.
The price is trading above $1,920 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could surge 5%-8% if there is a close above the $2,000 resistance in the near term.

Ethereum Price Climbs Higher

Ethereum’s price formed a base above the $1,850 support zone. ETH started a fresh increase above the $1,880 level and moved further into a positive zone, outperforming Bitcoin.

There was a clear move above the $1,950 resistance zone. The price even traded to a new multi-day high at $1,975 and is currently consolidating gains. There was a minor decline below the $1,965 level. The price tested the 23.6% Fib retracement level of the recent increase from the $1,889 swing low to the $1,974 high.

Ether is now trading above $1,920 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,975 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a fresh surge. The next resistance sits near $2,050, above which the price could accelerate higher toward the $2,120 level. Any more gains could send Ether toward the $2,200 resistance.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,975 resistance or $2,000, it could start a downside correction. Initial support on the downside is near the $1,950 level and the trend line zone.

The next major support is near the $1,930 level. It is close to the 50% Fib retracement level of the recent increase from the $1,889 swing low to the $1,974 high and the 100-hourly Simple Moving Average. If there is a move below $1,930, the price could drop toward $1,900. Any more losses may perhaps send the price toward the $1,880 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 – $1,930

Major Resistance Level – $2,000

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