The value of Ethereum, the hotly followed cryptocurrency, has been making considerable strides, outpacing the $1,900 line of resistance against the US Dollar. Anticipation is high as analysts predict the crypto giant could pick up further pace, aiming for a finish at a commanding $2,000 or even $2,120 in the foreseeable future.
Witnessing a period of positive momentum, Ethereum’s performance has been robust, sitting comfortably above the $1,900 landmark. The trading value has consistently retained a position above $1,880 and the 100-hourly Simple Moving Average. Further enhancing this bullish trend, a supportive trend line is forming, presently at $1,905 on the hourly chart of Ethereum to US dollar trading.
As is the unpredictable yet thrilling nature of the cryptocurrency market, Ethereum could carry its commanding performance into the near future, aiming for the coveted $2,000 barrier.
Sustaining its merit, Ethereum has built a robust base above the $1,850 support zone, echoing the bullish stride of similar crypto giants like Bitcoin. After making successful moves above the $1,920 mark, the cryptocurrency hit a fresh multi-week high at $1,925 before consolidating its gains.
Currently, the digital currency maintains promising action above the 23.6% Fibonacci retracement level, calculated from recent wave highs of $1,925 and lows of $1,852. Backed by the bullish trend line support at $1,905, Ethereum’s performance hints towards a favorable future.
On the higher end of the predictions, the currency faces resistance near the $1,925 level. Should it rise above the subsequent resistance at $1,950, the currency might experience an exciting leap with potential targets at the $2,000 mark and beyond, reaching out ambitiously to the $2,120 finish point.
However, the steadily climbing Ethereum could encounter downturns if it fails to clear the resistance at $1,925. The dip could call for corrections, with initial support at the trend line and $1,905. The next crucial support appears at $1,880, backing it up with the 100 hourly SMA or the 61.8% Fibonacci retracement level.
Should the bearish mood lingers, Ethereum might witness a downfall to the $1,780 mark. However, the technical indicators favor optimism, with the Moving Average Convergence Divergence (MACD) recording burgeoning momentum in the bullish zone as the Relative Strength Index (RSI) stays above the neutral level of 50, implying buyers outnumber sellers. Analysts thus observe a major support level at $1,880 and resistance at $1,950, suggesting Ethereum’s journey upward has a strong green light.
