Ethereum is making impressive strides as it approaches the crucial $2,000 zone. Currently trading above $1,920 and the 100-hourly Simple Moving Average, ETH displays positive indicators and the potential for a 5%-8% surge if it manages to break the resistance level.
Bullish momentum surrounds Ethereum as it establishes a base above the $1,850 support zone. The cryptocurrency surpassed the $1,950 resistance and reached a multi-day high of $1,975, consolidating its gains. Although there was a minor decline and a test of support near $1,965, ETH remains above the 100-hourly Simple Moving Average. A connecting bullish trend line near $1,945 offers additional support on the hourly chart.
To continue its upward trajectory, Ethereum must overcome immediate resistance at the $1,975 level and target the major hurdle at $2,000. A breakthrough could initiate a fresh surge, with further resistance near $2,050 and a potential acceleration towards the $2,120 level. However, failure to clear the $1,975 resistance or $2,000 may lead to a downside correction, finding initial support at $1,950 and the trend line zone.
Ethereum’s technical indicators reflect bullish momentum, with the MACD gaining strength in the bullish zone. While the RSI is below 50, the cryptocurrency enjoys major support at $1,930 and faces a significant resistance level at $2,000.
