#EthereumPrice #Cryptocurrency #ETHUSD #CryptoTrading #CryptoMarket #TradingView #BullishTrend #BearishTrend
Ethereum witnessed a fresh surge in its price from its $1,900 base and is currently challenged by a resistance level around $2,020. Once it crosses this hurdle, the crypto could potentially mark higher gains. Ethereum started a considerable upswing after settling near $1,900. As of now, it is being traded above $1,980 and the 100-hourly Simple Moving Average. The coin confronts a significant bearish trend line with an impending resistance roughly near the $2,020 on the ETH/USD hourly chart (data from Kraken). If it successfully clears the $2,020 resistance zone, it could pave the way for a noteworthy increase.
In the past week, Ethereum’s price faced a downside correction from the $2,120 resistance level. ETH fell below the support levels of $2,020 and $2,000. It even plunged below the $1,920 support momentarily. However, a low was established near $1,905 and the price started a steady incline, paralleling Bitcoin’s pattern. The bulls were able to drive the price above the resistance levels of $1,950 and $1,980, and the 50% Fibonacci retracement level of the downward swing from $2,092 high to the $1,905 low. The coin is trading above $1,980 and the 100-hourly Simple Moving Average now. However, it faces hurdles near the $2,020 district. If the coin succeeds in breaching the $2,020 resistance, it could embark on robust augmentation. The upcoming resistance lies near $2,090, upon crossing which, Ethereum could aim for the $2,120 level. Any further increase could trigger a leap towards the $2,200 threshold.
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