Key Takeaways:
- Ether price is holding the key support at $1,900.
- ETH/USD is attempting an upside break above a major triangle resistance at $1,955 on the 4-hour chart.
- The price could rally over 10% if there is a close above the $2,000 resistance.
ETH Price Prediction | Photo by Kanchanara on Unsplash
Ethereum’s ETH corrected gains and retested $1,900. The price is again rising and attempting a crucial upside break toward $2,000.
Ethereum Price (ETH) Holds Support
This past week, Ethereum failed to clear the $1,980 and $2,000 resistance levels against the US dollar. The ETH/USD pair started a downside correction from the $1,978 high.
There was a drop below the $1,950 and $1,940 levels. The price even spiked below the $1,900 level and the 50 Simple moving average (4 hours, blue). However, downsides were limited below the $1,900 support zone.
Ethereum price 4-hours price chart | Source: ETH/USD on TradingView.com
A low is formed near $1,896 and the price is again rising, similar to Bitcoin. It broke the 50% Fib retracement level of the recent decline from the $1,978 swing high to the $1,896 low.
Ethereum is back above $1,940 and the 50 Simple moving average (4 hours, blue). It is now attempting an upside break above a major triangle resistance at $1,955 on the 4-hour chart. The triangle resistance is close to the 61.8% Fib retracement level of the recent decline from the $1,978 swing high to the $1,896 low.
The next major resistance is near the $1,975 level. The main resistance sits near the $2,000 level. A close above the $2,000 resistance might start a fresh rally.
In the stated case, Ether could rise toward the $2,140 resistance. The next key resistance is near the $2,200 zone. Any more gains could send ETH price toward the $2,320 level.
More Losses?
Conversely, Ethereum might struggle to clear the $1,975 and $2,000 resistance levels. Immediate support is seen near the $1,915 level and the triangle lower trend line. The next major support is near the $1,900 level.
If there is a close below $1,900 and the 50 simple moving average (4 hours, blue), there is a risk of a larger decline. In this scenario, the price may perhaps test the $1,825 support. Any more losses below $1,825 could send the price toward the $1,750 zone.
Overall, Ether’s price is eyeing a fresh rally toward $2,000 and then $2,200. If the price fails to clear the $1,975 resistance, it could drop toward $1,825. On the other hand, it could rise to $2,200.
The post Ethereum Price Signals Fresh Rally To $2,200 But This Resistance Is The Key appeared first on CoinChapter.
