Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher.
Ethereum found support near $1,900 and started a decent increase. The price is trading above $1,980 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD. The pair could start a strong increase if it clears the $2,020 resistance zone.
On the downside, the $1,980 level is a major support. If the price fails to break the $2,020 resistance, it could start a downside correction. The next major support is near $1,950, below which the price could decline towards $1,900.
Overall, the Ethereum price is in a bullish trend and it could continue to rise towards $2,020. However, it is important to note that the $2,020 level is a major resistance and a break above it could lead to a strong rally.
Ethereum Price Could Face Hurdles at $2,020, Here’s Why
Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support.
A low was formed near $1,905 and the price started a steady increase. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,020 zone.
There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.
If the price breaks the $2,020 resistance, it could start a strong rally. The next major resistance is near $2,080, above which the price could rise towards $2,120.
On the downside, if the price fails to break the $2,020 resistance, it could start a downside correction. The first major support is near $1,980, below which the price could decline towards $1,950.
Overall, the Ethereum price is in a bullish trend and it could continue to rise towards $2,020. However, it is important to note that the $2,020 level is a major resistance and a break above it could lead to a strong rally.
Something went wrong, Please check after a few minutes we might be performing maintenance updates to give you a better experience
Another Drop in ETH?
Ethereum (ETH) is currently trading at $1,980, after failing to clear the $2,020 resistance. If the bears continue to dominate, the price could drop to $1,950 or even $1,900. However, if the bulls step in and push the price above $2,020, it could rally to $2,100 or even $2,200.
The hourly MACD is losing momentum in the bullish zone, while the hourly RSI is now above the 50 level. The major support level is $1,950, while the major resistance level is $2,020.
Here are the key levels to watch for ETH:
- Support: $1,950, $1,900
- Resistance: $2,020, $2,100, $2,200
The overall trend is still bullish, but the bears are trying to take control. If the price breaks below $1,950, it could signal a further decline to $1,900 or even $1,850. However, if the bulls step in and push the price above $2,020, it could rally to $2,100 or even $2,200.
