Ethereum Price Rockets Toward $2,000 as Bulls Take Over Crypto Market

Key Takeaways:

• Ether price is gaining pace above $1,850 and the 50-day simple moving average.
• ETH/USD broke a key bearish trend line with resistance near $1,810 on the daily chart.
• The price could continue to rise if it clears the $1,950 resistance zone.

Ethereum Price Prediction | Photo by DrawKit Illustrations on Unsplash

Ethereum’s ETH is up over 10% and trading above $1,850. It is facing resistance near $1,950, above which there could be a move toward $2,000.

Ethereum Price (ETH) Regains Strength

In the past few days, the crypto market saw strong bullish moves. Bitcoin started a strong increase above the $27,500 resistance zone, sparking a decent increase in Ethereum against the US dollar. The ETH/USD pair climbed above the $1,800 level to move into a bullish zone.

The price broke a key bearish trend line with resistance near $1,810 on the daily chart. The bulls were able to pump the price above the 50-day simple moving average.

Ethereum’s daily price chart | Source: ETHUSD on TradingView.com

The price is now trading above the 50% Fib retracement level of the main decline from the $2,146 swing high to the $1,628 low. Ether seems to be trading in a positive zone but also slowly approaching a major hurdle near $1,950.

The 61.8% Fib retracement level of the main decline from the $2,146 swing high to the $1,628 low is near the $1,950 zone to act as a resistance.

If Ethereum climbs above the $1,950 resistance, it could rise further higher. The next major resistance is near the $2,025 level. A close above the $2,025 resistance might push Ether toward the $2,150 zone. Any more gains could open the doors for a move toward $2,250.

Conversely, Ether might start a downside correction from the $1,950 resistance. Initial support is near the $1,850 level. The next major support is near the $1,815 level and the 50-day simple moving average.

A close below the $1,815 level might set the pace for another decline. In the stated case, Ethereum may perhaps drop toward the $1,740 support. Any more losses could open the doors for a move toward the $1,620 support zone in the coming sessions.

Overall, Ether price is gaining bullish momentum above $1,850 and $1,860. If ETH climbs above $1,950, there could be another strong move toward $2,000 or even $2,150. On the other hand, the price might correct lower and revisit the $1,815 support.