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Ethereum Recovers Sharply, Why ETH Could Continue Higher above $2K

Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance.

Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels.
The price is now trading well above $1,900 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to rise further if there is a proper close above the $2,000 resistance zone.

Ethereum Price Starts Decent Increase
Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels.
There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains.
There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high.

Source: ETHUSD on TradingView.com
On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, followed by $2,100. Any more gains might call for a test of $2,200.
Dips Limited in ETH?
If Ethereum fails to continue higher above $2,000 and $2,020, it could start a downside correction. An initial support on the downside is near the $1,970 level.
The first major support is near the $1,920 level. The main support is now forming near the $1,900 level. It is close to the 50% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term. The next major support sits near the $1,800 level.
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 now above the 60 level.
Major Support Level – $1,900
Major Resistance Level – $2,000

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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