Ethereum Nears $2,000, Echoing Bitcoin’s Path

Ethereum steadily approaches the $2,000 mark; it closely mirrors the trajectory set by Bitcoin. This synchronicity highlights the intertwined nature of these two leading cryptocurrencies and the potential impact they may have on the broader market.

Ethereum Gains Momentum: Eyes Set on $2,000 Resistance Level

The price of Ethereum is surging above $1,910 compared to the US Dollar. It’s evident that ETH is closely tracking the rally of Bitcoin, and there is a strong possibility that it will soon reach the $2,000 resistance level.

This can be attributed to the increasing demand for Ethereum due to its decentralized finance (DeFi) applications and its use as a store of value by many investors. Ethereum’s growing popularity is also a result of the increased interest in blockchain technology and cryptocurrencies.

Ethereum’s smart contracts and other blockchain-based applications have made it an attractive platform for developers and businesses. Additionally, Ethereum’s use as a store of value has made it a popular asset class for investors, further driving the demand for the cryptocurrency.

Ethereum’s price has been steadily rising above the $1,720 resistance level. Thanks to a significant increase in Bitcoin’s value, Ethereum surpassed the $1,850 resistance point.

The price has increased by over 6%, reaching above the $1,900 level. It reached a peak of around $1,930 and is currently stabilizing its gains. The price is trading comfortably above the 23.6% Fibonacci retracement level, which measures the recent rally from the lowest point of $1,715 to the highest point of $1,930.

Ether is comfortably positioned above $1,850 and the 100-hourly Simple Moving Average. ETH/USD’s hourly chart also indicates a substantial bullish trend line, indicating support of around $1,890.

Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. The Price may rise further if it manages to overcome resistance levels of $1,930 and $1,950.

Ethereum’s next resistance level is around $2,000, above which it may rise toward $2,050. If the price gains above $2,050, it may move toward $2,120.

Ethereum Faces Resistance at $1,950, Potential Support Levels in Focus

Ethereum may begin a downward correction if it cannot overcome the $1,950 resistance. In case of a correction, the first level of support is around $1,900. 

This is because $1,950 is a strong resistance level that Ethereum has previously been unable to break through. If it cannot break through this level, investors may be less likely to continue buying, which could lead to a correction in price.

This is because if Ethereum cannot break through the resistance level, it means that buyers may be more cautious in investing, which could lead to a decrease in demand and a decrease in price to entice new buyers.

The following significant support level is around $1,880, close to the recent low. If the price breaks and stays below the $1,880 support, it may decline toward the $1,820 support level or the 50% Fibonacci retracement level.

Further losses could potentially lead the price toward the $1,780 zone or the 100-hourly Simple Moving Average.