Ethereum (ETH) Gearing For Another Lift-Off: Rally Isn’t Over Yet

Ethereum’s ETH climbed higher above the $1,900 zone. It is correcting gains, but there could be a fresh increase unless there is a break below $1,800.

Ethereum (ETH) Price Eyes More Upsides

In the past few days, ethereum gained bullish momentum above the $1,700 resistance level. The ETH/USD pair was able to surpass the $1,800 resistance and the 50 simple moving average (4-hours, blue).

The bulls pushed the price above the $1,900 level to set the pace for more upsides. There was a clear move above the $1,950 level. Finally, ether price surpassed the $2,000 barrier and traded to a new multi-week high at $2,030.

Etheruem’s 4-hours price chart | Source: ETHUSD on TradingView.com

It is now trading well above the $1,850 level and the 50 simple moving average (4-hours, blue). Recently, there was a downside correction below the $2,000 and $1,940 levels.

Ether price declined below the 23.6% Fib retracement level of the key upward move from the $1,655 swing low to $2,030 high. The price even spiked below the $1,900 level, but downsides were limited. An immediate support on the downside sits near the $1,875 level.

The next major support is near $1,840 or the 50 simple moving average (4-hours, blue) or the 50% Fib retracement level of the key upward move from the $1,655 swing low to $2,030 high. There is also a key bullish trend line in place with support at $1,840 on the same chart.

The main support is now forming near the $1,800 level. A close below the $1,800 level might spark a sharp decline. In the stated case, there is a risk of a move towards the $1,740 swing low. Any more losses might send ether price towards the $1,650 level.

An immediate resistance is near the $1,940 level. A clear move above the $1,940 resistance could send the price towards the $2,000 resistance.

The next major resistance is near the $2,030 level, above which ether price might surge to $2,100. Any more gains might open the doors for a move towards the $2,150 resistance.

Overall, ether price is holding gains above the $1,800 level. If the bulls remain active, the price might revisit the $2,000 zone. Conversely, there might be a downside correction towards the $1,740 support.