Ethereum Price Follows Bitcoin and $2,000 Seems Imminent

2023-06-22 03:24:15

Ethereum price is rallying above $1,850 against the US Dollar. ETH is clearly following Bitcoin’s rally and might soon test the $2,000 resistance zone.

Ethereum is moving higher above the $1,850 and $1,880 resistance levels.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further above the $1,930 and $1,950 resistance levels.

Ethereum Price Surges Over 6%

Ethereum’s price started a steady increase above the $1,720 resistance zone. Recently, Bitcoin saw a major increase and helped ETH to clear the $1,850 resistance.

The price is up over 6% and there was a move above the $1,900 level. A high is formed near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high.

Ether is also well above $1,850 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels might send the price further higher. The next resistance sits near $2,000, above which Ethereum could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,950 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.

The next major support is near the $1,880 level or the recent low. If there is a break and close below the $1,880 support, the price could drop toward the $1,820 support or the 50% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high. Any more losses may perhaps send the price toward the $1,780 zone or the 100-hourly Simple Moving Average.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is in the overbought zone.

Major Support Level – $1,780

Major Resistance Level – $1,950

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