TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet

• Teresa Bach
• August 12, 2022
• Ethereum
• 0 Comments

Ethereum gained pace and cleared the $1,800 resistance against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

Ethereum remained well bid above the $1,800 support and climbed further higher.
The price is now trading above $1,820 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise further higher towards the $1,980 and $2,000 levels.

Ethereum Price Eyes More Upsides
Ethereum remained well bid above the $1,750 level. ETH gained pace after there was a clear move above the $1,800 resistance zone. It even climbed above the $1,880 level.
There was a spike above the $1,920 resistance and the price traded as high as $1,943. Recently, there was a downside correction below the $1,900 level. Ether price tested the 23.6% Fib retracement level of the recent increase from the $1,655 low to $1,943 high.
However, the price remained well bid above the $1,880 level. There is also a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
Ether price is now trading above $1,820 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,940 level. A clear move above the $1,940 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.
Dips Limited in ETH?
If ethereum fails to rise above the $1,940 resistance, it could start a downside correction. An initial support on the downside is near the $1,880 zone and the trend line. The next major support is near $1,855.
The main support is near the $1,800 level or the 50% Fib retracement level of the recent increase from the $1,655 low to $1,943 high, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,765 support. Any more losses might call for a test of the $1,720 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,940