Ethereum Price Analysis: ETH Bulls Aim A Test of $2,000

Ethereum price is eyeing more upsides above $1,850 against the US Dollar. ETH/USD may soon test the $2,000 level as long as there is no close below the $1,700 level.

Ethereum Price Analysis

In the past few days, Ethereum made a couple of attempts to gain strength above $1,850 against the US Dollar. However, ETH price failed to continue higher and it recently corrected lower below $1,750.

There was a break below the $1,700 level. The price spiked below the $1,680 level and the 55 simple moving average (4-hours). It found support near the $1,650 zone and started a fresh increase. The bulls took control and the price recovered above $1,700.

There was a break above the 50% Fib retracement level of the downward move from the $1,879 high to $1,658 low. It is now trading well above $1,750 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,730 on the 4-hours chart.

On the upside, the price is facing a major hurdle at $1,850. A key connecting bearish trend line is also in place with resistance near $1,840. The 76.4% Fib retracement level of the downward move from the $1,879 high to $1,658 low is also near $1,825.

Therefore, the price must clear the $1,840 and $1,850 resistance levels to continue higher. If the bulls succeed, the price might surge towards the $2,000 level.

Conversely, there is a risk of a downside break below the trend line support and $1,700. In the stated case, the price may revisit the $1,550 support in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a bullish zone above $1,750 and the 55 simple moving average (4-hours). Overall, ether price is likely to start a strong surge if it clears the $1,840 resistance level.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $1,740, followed by the $1,550 zone.

Key Resistance Levels – $1,850 and $2,000.

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