Ethereum’s ETH is showing positive signs above the $1,600 level. The bulls seem to be in control and might aim a move towards $2,000.
Ethereum (ETH) Price Could Surge
This past week, ethereum reacted to the downside below the $1,600 support against the US Dollar. The ETH/USD pair declined below the $1,530 support and the 50 simple moving average (4-hours, blue).
The bears even pushed the price below the $1,450 support zone. Finally, it traded as low as $1,422 before the bulls took a stand. The price formed a base above the $1,420 and $1,450 levels.
Etheruem’s 4-hours price chart | Source: ETHUSD on TradingView.com
There was a fresh increase initiated above the $1,530 and $1,550 resistance levels, unlike bitcoin. Ether price climbed above the 23.6% Fib retracement level of the main drop from the $2,030 swing high to $1,422 low. Besides, the price broke a crucial bearish trend line with resistance at $1,590 on the 4-hours chart.
There was also a close above the $1,600 resistance and the 50 simple moving average (4-hours, blue). The price is now approaching the $1,700 zone.
An immediate resistance is near the $1,725 level. It is near the 50% Fib retracement level of the main drop from the $2,030 swing high to $1,422 low. A successful close above the $1,725 level might send the price towards the $1,800 resistance zone.
The next major resistance is near the $1,880 level, above which ether price might surge to $2,000. Any more gains might open the doors for a move towards the $2,120 resistance.
An immediate support on the downside sits near the $1,620 level. The next major support is near $1,565 and the 50 simple moving average (4-hours, blue). A close below the $1,565 level might put a lot of pressure on the bulls.
In the stated case, there is a risk of a move towards the $1,530 zone. Any more losses might send ether price towards the $1,422 low or even $1,350.
Overall, ether price started a steady increase above the $1,570 and $1,600 resistance levels. The current price action suggests high chances of a move towards $1,880 or even $2,000. Conversely, there might be a fresh drop towards the $1,530 support zone.
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