Key Takeaways:
- Ether price is gaining pace toward the $2,000 resistance.
- ETH/USD is trading above a crucial bullish trend line with support near $1,900 on the 4-hours chart.
- The price could rally further if it settles above the $2,000 resistance zone.
Ethereum’s ETH is over 6%, trading above the $1,930 resistance. The price could rise further if there is a clear move above $2,000.
Ethereum Price (ETH) Outperforms Bitcoin
After a short-term downside correction, Ethereum found support near $1,820 against the US dollar. The ETH/USD pair formed a base and rapidly increased above the $1,885 resistance.
The price silently moved above the $1,900 resistance zone. Today, the bulls took control and pumped the price above the $1,930 resistance zone, outperforming Bitcoin. In addition, there was a break above the 1.236 Fib extension level of the downward move from the $1,935 swing high to the $1,852 low.
The price is up over 6% and approaching the $1,985 resistance. The 1.618 Fib extension level of the downward move from the $1,935 swing high to the $1,852 low is near $1,985 to act as a hurdle.
More importantly, Ether’s price is well above the $1,900 level and the 50 Simple moving average (4 hours, blue). In addition, it trades above a crucial bullish trend line with support near $1,900 on the 4-hours chart. The main resistance sits near the $2,000 level.
A close above the $2,000 resistance might encourage the bulls to aim even higher. The next major resistance is near the $2,150 level, above which Ethereum’s price might rise toward the $2,250 resistance. Any more gains could send the price toward the $2,400 level.
Dips Supported?
Conversely, the price might fail to clear the $2,000 resistance zone. In the stated case, it could correct lower below $1,950. Immediate support on the downside sits near the $1,930 level.
The next major support is near the $1,900 and trend lines. If a move is below $1,900, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,850 support. Any more losses below $1,850 could send the price toward the $1,740 zone.
Overall, Ether’s price is gaining pace above the $1,930 resistance. If it remains stable above $1,950, blue), it could rally further above $2,000. Conversely, the price might correct lower and test $1,900.
The post Ethereum Price Pumps 6% To $2K — Here’s Why ETH Bulls Aim Big appeared first on CoinChapter.
