Ethereum Extends The Gains Above $2000 But The Bulls Are Not Done Yet

Ethereum Extends The Gains Above $2000 But The Bulls Are Not Done Yet

Ethereum extends the gains above $2000 as it cleared the $1950 resistance against the US dollar with the price testing $2000 and will continue higher so let’s read more in our latest Ethereum news today.

Ethereum is extending the gains and it tested the $2000 resistance zone with the price being well above the $1950 support and the 100 hourly simple moving average. There’s a key bullish trend line forming with the support at $1945 on the hourly charts of the pair that will likely correct lower but will remain stable at $1950 and $1900.

ETHUSD
Source ETHUSD on TradingView.com

Ethereum remained well bid above the $1850 level and traded to a new weekly high unlike BTC but it did break many other hurdles near the $1920 and the $1950 resistance levels. There was a new spike above the $2000 level with the price settling above the 100 hourly simple moving average. A new high was later formed near $2008 and the price is now consolidating the gains. The initial support on the downside is also near the $1980 level. The 23.6% fib retracement level from the rise of $1888 swing low to $2008 high is near the $1980 level with a new key bullish trend line forming near the $1945 on the hourly charts of the pair.

The new trend line is close to the 50% fib retracement level from the recent rise of $1888 low to $2008 high. On the upside, ETH could struggle to settle above the $2000 resistance and if it manages to do so, this level could open the doors for a new increase in the upcoming sessions. In this case, the price will rise towards $2080 and the $2100 levels as well. If ETH fails to climb above the $2000 level and the $2100 resistance level, it could correct lower and the initial support is settled at $1980.

ethusd
Source ETHUSD on TradingView.com

Ethereum extends the gains near the major support at $1950 and the connecting bullish trend line with more losses leading the price towards the $1880 support zone. There’s also another bullish trend line that is waiting on the same chart near $1880 where the bulls are probably going to take a stand. The MACD for the pair is now gaining momentum in the bullish zone while the hourly RSI is well above the 50 level.