Ethereum (ETH) Dips Below $ 2000! What’s next?
Ethereum (ETH) traded around its all-time high of $ 2040 before correcting against the US Dollar. ETH price is currently trading above $ 1850 and will likely continue towards $ 2000.
ETH price rose steadily the previous day and broke the key resistance of $ 2000 against the US Dollar. The price is currently trading well above the $ 1850 level and the 100 simple moving average (4-hours), according to analyst Aayush Jindal. There is a key bullish trend line formed on the 4-hour ETH / USD pair ( data stream via Kraken ) with support near $ 1860. The pair is likely to continue to rise above the 1980 and $ 2,000 levels in the near term.
Ethereum Gains Momentum
Last week, Bitcoin and Ethereum saw a steady increase of over $ 1900 and $ 50,000 respectively against the US dollar. ETH even cleared the key $ 2,000 resistance level to move further into the positive zone.
It rose to an all-time high around $ 2040 and settled well above the 100 simple moving average (4 hours). Recently, there was a short-term downside correction below the $ 2000 and $ 1950 support levels. Ethereum price dropped below the $ 1,850 support level, but the bulls were active near the $ 1820 level.
There is also a key bullish trend line formed with support near $ 1,860 on the 4-hour chart of ETH / USD. A sudden upside resistance is near the $ 1950 level. A clear break above the $ 1950 and $ 1,980 levels will likely open the doors for more gains. Also, a daily closing price above $ 2000 will likely raise ETH to $ 2150 and $ 2200.
Supported Drops in ETH?
If Ethereum struggles to move above the $ 1950 level, it could correct a lower level. The first major support on the downside is near the trendline support: $ 1850.
A downside break below the trendline support would likely require a long drop below the $ 1813 low. The next major support is near the $ 1760 level or the 100 simple moving average (4 hours).
ETH was trading at $ 1922 at the time of writing.
- 4-hour MACD: The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
- 4 hours RSI: The RSI for ETH / USD is still above the 50 level.
- Major Support Level – $ 1,850
- Major Resistance Level: $ 2000