TA: Ethereum Breaks 100 SMA, Why ETH Looks Set For Fresh Run To $2K

Ethereum is rising and it broke the key $1,800 resistance against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards $2,000.

• Ethereum is forming a support base above the $1,750 and $1,760 levels.
• The price is now well above the $1,800 zone and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a strong increase once it clears the $1,850 resistance zone.

Ethereum Price is Eyeing Fresh Surge

Ethereum remained well bid above the $1,750 support zone. As a result, ETH started a fresh increase above the $1,800 resistance zone, similar to bitcoin above $58,000.

The bulls took control, resulting in a steady increase above the $1,800 resistance. It is now well above the $1,800 zone and the 100 hourly simple moving average. There was also a break above a major bearish trend line with resistance near $1,780 on the hourly chart of ETH/USD.

The pair is now trading above the 50% Fib retracement level of the key decline from the $1,944 swing high to $1,710 support zone. Ether price is now testing the $1,850 resistance zone. The 61.8% Fib retracement level of the key decline from the $1,944 swing high to $1,710 support zone is also near the $1,855 level to act as a major hurdle.

Source: ETHUSD on TradingView.com

A successful break above the $1,850 and $1,855 resistance levels could open the doors for a larger increase. The next key resistance is near the $1,895 level, above which ether price might rise to $1,920 or even $2,000 in the coming sessions.

Fresh Decline in ETH?

If Ethereum fails to climb above the $1,850 and $1,855 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $1,800 level and the 100 hourly simple moving average.

The next major support is near the $1,750 level, below which ether price might retest the main $1,710 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,855

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