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

2023-11-09 04:30:57

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

Ethereum is forming a base above the $1,850 support zone. ETH remained in a bullish zone and slowly moved higher above the $1,880 resistance, like Bitcoin.

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.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,925 level. The next major resistance sits at $1,950, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,000 resistance. The next key resistance is near $2,050, above which the price could aim for a move toward the $2,120 level.

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

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

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

Major Support Level – $1,880

Major Resistance Level – $1,950

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