• Ethereum price is rising above the $2,000 level against the US Dollar.
• There is a key rising channel forming with support near $2,060 on the 4-hours chart.
• Immediate resistance on the upside is near the $2,100 level and any more gains could send the price towards $2,200 or even higher.
Ethereum Price Analysis
Ethereum price is trading above the $2,000 support zone against the US Dollar. ETH/USD could rise further if it clears the $2,140 resistance zone. There is a key rising channel forming with support near $2,060 on the 4-hours chart (data feed from Coinbase).
Key Support and Resistance Levels
Immediate resistance on the upside is near the $2,100 level. The next major resistance is near the $2,140 zone. A clear move above this level could send Ethereum’s price towards $ 2,200 or even higher. On the downside, initial support is near the $ 2,060 level and next major support lies at around $ 2,050. A break below this level would put pressure on ETH to reach back to its previous low of$ 1,920.
The MACD for ETH/USD is currently in bullish territory while RSI for ETH/USD has crossed over 50 levels indicating a strong uptrend in Ethereum’s prices.
Overall Ethereum’s price looks set to continue its upward trend as long as it holds above its immediate supports of$ 2,050 and$ 2K respectively. However any failure to hold these levels may push Ether down towards its previous low of$ 1,920 or lower depending upon market volatility.
Ethereum prices are currently showing an upward momentum which can be seen in technical indicators such as MACD and RSI which are both bullish at present time frame making it a good buy opportunity for investors looking at entering long positions in Ether markets right now with proper risk management measures being taken into account .