ETH Prepares For Fresh Run To $2K As It Broke The 100 SMA: Analysis

ETH prepares for fresh run towards $2K as it managed to break the key $1800 resistance against the US dollar. The price is now showing positive signs and will continue higher towards $2000 likely so let’s check up on the latest ETH news today.

The price is now well above the $1800 zone and the 100 hourly simple moving average while there was another break above the major bearish trend line with the resistance at $1780 on the hourly chart of the pair. The ETH/USD pair will start a strong increase once it manages to clear the $1850 resistance zone as ETH prepares for a fresh run higher.

ETH remained well bid above the $1750 support zone and as a result, the coin started a fresh increase above the $1800 resistance zone, similar to bitcoin’s move above $58K. The bulls took control and resulted in a steady increase above the $1800 resistance and it is now well above the $1800 zone and the 100 hourly simple moving average. There was a break above the trend line of $1780 on the hourly chart of the pair.

The pair is trading above the 50% fib retracement level of the key decline at $1944 high to the $1710 support zone so the price I snow testing the $1850 resistance zone. The 61.8% fib retracement level from the key decline at the $1944 high to the $1710 support zone which is near the $1855 level that will act as a hurdle. Breaking above the $1850 resistnace levels will open the doors for a larger increase and the next key resistance is closer to the $1895 level above which the price could expand towards $2000.

If ETH fails to climb above the $1850 and the $1855 resistance levels, it will start a fresh downside correction with another support on the $1800 level and the 100 hourly SMA awaiting. The next major support is close to the $1750 level below which the price will retain the main $1710 support in the near-term.  The hourly MACD for the pair is now gaining pace in the bullish zone and the hourly RSI for the pair is above the 50 levels.

As recently reported, ETH traded towards the $1710 support before correcting higher and it is now facing a strong resistance closer to the $1800 and the 100 hourly simple moving average. There’s a key bearish trend line that is forming with the resistance at $1800 on the hourly chart of the pair that will start a steady increase if it manages to settle above $1800.