Ethereum Price Key Indicators Suggest Strong Case For Rally To $2,200

Ethereum price is rising pace above $1,940 against the US Dollar. ETH could continue to gain pace if it clears the $2,000 resistance zone. Ethereum is moving higher toward the $2,000 zone. The price is trading above $1,920 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD (data feed via Kraken). The pair could surge 5%-8% if there is a close above the $2,000 resistance in the near term. Ethereum Price Climbs Higher Ethereum’s price formed a base above the $1,850 support zone. ETH started a fresh increase above the $1,880 level and moved further into a positive zone, outperforming Bitcoin. There was a clear move above the $1,950 resistance zone. The price even traded to a new multi-day high at $1,975 and is currently consolidating gains. There was a minor decline below the $1,965 level. The price tested the 23.6% Fib retracement level of the recent increase from the $1,889 swing low to the $1,974 high. Ether is now trading above $1,920 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,945 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com Immediate resistance is near the $1,975 level. The next major resistance is near the $2,000 level. A close above the $2,000 zone could start a fresh surge. The next resistance sits near $2,050, above which the price could accelerate higher toward the $2,120 level. Any more gains could send Ether toward the $2,200 resistance. Are Dips Supported in ETH? If Ethereum fails to clear the $1,975 resistance or $2,000, it could start a downside correction. Initial support on the downside is near the $1,950 level and the trend line zone. The next major support is near the $1,930 level. It is close to the 50% Fib retracement level of the recent increase from the $1,889 swing low to the $1,974 high and the 100-hourly Simple Moving Average. If there is a move below $1,930, the price could drop toward $1,900. Any more losses may perhaps send the price toward the $1,880 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,930 Major Resistance Level – $2,000