Ethereum Bulls Keeps Pushing, Why Rally Could Soon Reach $2,000

2023-11-02 04:57:48

Ethereum price popped above the $1,850 resistance against the US dollar. ETH is showing positive signs and might soon climb toward the $2,000 resistance.

Ethereum is slowly moving higher above the $1,850 resistance zone.
The price is trading above $1,820 and the 100-hourly Simple Moving Average.
There was a break above a key declining channel with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is signaling bullish signs and a possible move toward the $2,000 resistance.

Ethereum Price Aims Higher

Ethereum formed a base above the $1,780 level and recently started a steady increase, like Bitcoin. ETH gained pace for a move above the $1,820 resistance zone.

There was a break above a key declining channel with resistance near $1,818 on the hourly chart. It sparked bullish moves and pushed the price above the main hurdle at $1,850. The price traded to a new multi-week high at $1,875 and is currently consolidating gains.

Ethereum is now trading above $1,820 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,784 swing low to the $1,875 high.

On the upside, the price is facing resistance near the $1,875 level. If ETH surpasses the $1,875 resistance, it could again start a steady increase and test $1,920. The next key resistance is near $1,950, above which the price could accelerate higher toward the $2,0000 level.

Source: ETHUSD on TradingView.com

Any more gains might call for a move toward the $2,050 level. In the stated case, the price could even climb toward the $2,120 level.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,875 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 level.

The next key support is $1,820 or the 61.8% Fib retracement level of the recent increase from the $1,784 swing low to the $1,875 high. The main support is now forming near the $1,800 level and the 100-hourly Simple Moving Average. A downside break below the $1,800 support might spark a bearish wave. In the stated case, Ether could drop toward the $1,750 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 – $1,820

Major Resistance Level – $1,875

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