• Ethereum price is moving higher above the $2,000 resistance against the US Dollar.
• There is a key rising channel forming with support near $2,060 on the 4-hours chart.
• The pair could climb further if it stays above the $2,000 support zone.
Ethereum Price Analysis
Ethereum price is trading higher against the US Dollar and currently above the $2,000 level. There is a key rising channel forming with support near $2,060 on the 4-hours chart. If ETH/USD stays above the $2,000 support zone then it could climb further.
In the past few days, Ethereum saw a decent increase above the $1,880 level against the US Dollar. ETH price was able to gain pace for a move above the $2,000 level and also managed to clear past resistance at $2,100. A high was formed near $2,142 before slight pullback occurred below the 23.6% Fib retracement level of the upward move from a low of $1,855 to a high of 2142.
At present time Ethereum’s price is clearly trading higher than both its previous resistance at $2000 as well as 55 simple moving average (4 hours). Additionally there is also a key rising channel forming with support near$2060 on 4-hours chart which suggests more upside potential in coming days if ETH/USD holds onto this trend line firmly. On upside immediate resistance can be seen around 2140 while major one lies around 2200 or 2400 area in future trading sessions.
On downside initial support can be found around 2060 while major ones lies around 2050 or 2000 area respectively which should act as strong buffer zone in case of any correction in prices ahead.
MACD & RSI Analysis
From technical indicators point of view MACD for ETH/USD pair is gaining momentum in bullish zone while Relative Strength Index (RSI) stands at 50 levels depicting sideways movement in prices currently .
Overall Ethereum’s prices looks promising and are likely to rise further provided that it holds over 2000 mark and continues its upward trajectory from current levels till 2400 area or higher .