Following weeks of consolidation, Ethereum recently made a significant move and soared above the $1,880 level against the U.S. Dollar. ETH has now managed to break past several important resistances and the bulls seem to be pushing the price towards the $2,000 level.
The bullish move above $1,880 resistance was confirmed by a break through the key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD. The pair then made further progress past the $1,900 level and spiked above $1,915 reaching a high of $1,915. Ether is now trading nicely above the 23.6% Fib retracement level of the recent surge from the $1,843 low to the $1,915 high.
The immediate resistance seems to be forming near the $1,915 level, and a successful break could send Ethereum to the $2,000 level. Further gains could take Ethereum to the $2,050 level, and potentially to a new yearly high at around $2,120. On the downside, the initial support is located near the $1,890 level, below which ETH could drop toward its 50% Fib retracement level of the recent surge from the $1,843 low to the $1,915 high near the $1,880 zone.
The hourly MACD for ETH/USD has now lost its bullish momentum, while the Relative Strength Index (RSI) is trading nicely above the 50 level. Major support is located at $1,870 and the major resistance is seen at $1,915.
Leonardo Cox
- 2023-05-04
Ethereum Soars Past $1,880 Against the US Dollar
Ethereum recently made a significant move and surged past the $1,880 level against the U.S. Dollar. With bulls pushing the price higher, Ethereum could reach $2,000 or even exceed it and reach the $2,120 level.
