“Ethereum’s remarkable ascent toward $2,000 is a testament to its potential, but as the bulls face mounting challenges, the question remains: can they sustain the momentum and push it even further?”
Ethereum price has been on the rise recently, following a 15% rally in Bitcoin. However, it may face some difficulties in surpassing the $1,850 resistance level.
The price of Ethereum has steadily increased above the $1,750 resistance level. It is currently trading above $1,780 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a bullish trend line forming with support near $1,750.
Despite the positive momentum, the pair could struggle to clear the $1,850 and $1,880 resistance levels. The first major resistance is near the $1,880 zone. A close above this level could push the price even higher, with the next key resistance at $1,920.
Ethereum remained in a positive zone above the $1,650 support zone, thanks to the recent surge in Bitcoin. The price successfully cleared the $1,800 resistance level and reached a high near $1,849. It is now consolidating gains and trading above the 23.6% Fib retracement level.
The price is also above the 100-hourly Simple Moving Average, indicating a bullish trend. The trend line mentioned earlier coincides with the 50% Fib retracement level, further supporting the bullish outlook.
If Ethereum fails to break the $1,850 resistance, a downside correction could occur. The initial support level is near $1,800, followed by the key support at $1,750 and the trend line zone. A break below $1,750 may lead to further losses, potentially pushing the price towards $1,700 and the 100-hourly Simple Moving Average.
In summary, Ethereum has experienced a significant increase in price, but it may struggle to surpass the $1,850 resistance level. However, if it manages to break this resistance, the price could continue to rise towards $2,000 and even $2,200. On the other hand, a downside correction could occur if the resistance is not cleared, with support levels at $1,800, $1,750, and $1,700.