The price of Ethereum is exhibiting a steady and promising upward trend toward the hotspot of a $2,000 resistance against the US dollar, proving itself more positively inclined for a decent leap in comparison with Bitcoin. Ethereum is not shying away from its ambitious strive to reach the coveted $2,000 threshold.
Currently trading above $1,850 with the 100-hourly Simple Moving Average on its side, Ethereum confidently fosters a bullish trend line. The momentum support is stationed near a considerate $1,880 on the hourly chart of ETH/USD.
With the capability to continue its uphill rise, Ethereum shows potential for surpassing the $1,920 and potentially the even more alluring $1,950 thresholds.
Seeking refuge in its previous resistance zone of $1,850, Ethereum proceeded with a progressive ascend above it. This move busted through the $1,880 stage and made a daring spike toward the $1,920 resistance, quite unlike its counterpart, Bitcoin.
After reaching an impressive high of $1,915, the price leaned into a period of gain consolidation. A minor and presumably temporary downward correction placed it below the $1,900 mark. Yet, the determined Ethereum bulls remained on guard, ensuring further declines remain in check.
Firmly trading above $1,880 and the 100-hourly Simple Moving Average, Ethereum continues to cultivate its bullish trend line. Potential resistance on the upside lies near the $1,900 mark, with the first significant resistance at $1,920. Should Ethereum break through the $1,920 barrier, it may gather bullish momentum capable of clearing $1,950 and gravitating towards the grand $2,000 barrier.
Yet, should Ethereum fall short of the $1,920 resistance, a downward correction could be in the pipeline. The trend line could offer initial support near the $1,880 mark. Further deemed significant support sites are $1,860 or the 100 hourly SMA and the main support at $1,850. A conclusive slump below the $1,850 support might instigate a bearish wave, causing Ether to retrograde toward the $1,750 plateau.
Apart from price trajectories, other technical indicators paint an illuminating picture of potential momentum shifts. Specifically, the Hourly MACD for ETH/USD indicates a waning momentum in the bullish zone, while the RSI for ETH/USD comfortably situates itself above the 50 level. The noteworthy support level rests at $1,850, counterbalanced by the resistance level at $1,920.
