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Nairaland Forum / Nairaland / General / Ethereum Climbs To $1,900, Why $2K Could Be Next? (112 Views)
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Ethereum Climbs To $1,900, Why $2K Could Be Next? by Ronald85roy: 12:46pm On Aug 11, 2022 |
Ethereum started a significant increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone. Ethereum found support near $1,680 and started a new increase. The price now trades above $1,800 and the 100 hourly simple moving average. There was a break above a significant bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken). P.S: If you're fed up with slow trade executions, then buckle up as AssetsFX is currently offering lightning-fast trade executions along with an ultra-wide range of trading opportunities! The pair could continue to rise further towards the $1,950 and $2,000 levels. Ethereum Price Rallies 12% Ethereum remained well bid above the $1,650 level. ETH formed a base and started a fresh increase above the $1,750 resistance zone. The bulls pumped the price above the $1,800 level. The price climbed higher and even broke the $1,850 resistance. Finally, there was a move above $1,900 and the price settled above the 100 hourly simple moving average. A high was formed near $1,919, and the price is now consolidating gains. It trades well above $1,800 and the 100 hourly simple moving average. Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to the $1,919 high. Immediate resistance on the upside is near the $1,920 level. The first significant resistance is near the $1,950 level. A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls remain in action, the price may rise towards the $2,120 resistance zone in the near term. Dips Supported in ETH? If Ethereum fails to rise above the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 zone. The next significant support is near $1,800. The primary support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to the $1,919 high, below which there is a risk of a sharp decline. In the stated case, ether price may decline towards the $1,750 support. Any more losses might call for a test of the $1,700 level. Thanks for reading! |
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