Ethereum Remains In Strong Uptrend And Could Test $2K

Ethereum remains in a strong uptrend and could soon hit the $2K price range as it was trading near the all-time high of $1870 before starting a correction against the US dollar. The price is holding gains and could speed up higher to $2K so let’s read more in today’s ETH news.

The ETH price traded in a strong uptrend and climbed above the $1850 region against the US dollar with the price trading above $1750 and its simple moving average. There’s also a major bullish trend line that is forming with the support at $1800 on the 4-hour charts of the pair. The pair could continue higher in the next few sessions.

Over the past week, ETH sat a steady increase at $1700 against the US dollar with the price trading to a new all-time high of $1870 before starting a short-term downside correction. The price traded below $1780 support levels but the bulls were quite active about the $1750 levels so a new low was then formed and the price consolidated right after. ETH is testing the $1820 resistance level and the 50% fib retracement level of the correction zones from the $1761 lows. There’s also a major bullish trend line that is forming with the support at $1800 on the 4-hour charts of the pair.

On the upside, the first key resistance is close to $1840 and the 61.8% fib retracement level from the correction to the $1761 low could act as a resistance. The next major resistance is close to the $1870 high so a clear break above it could open the doors for another increase. The next major target for the bulls in the near term will be set at $2K. If ETH struggles to gain pace above these levels, it could correct lower so the first major support on the downside trend support will be met at $1800.

A downside break below the trend line support could call for another drop below the $1761 low while the next major support is near the $1650 level. The MACD for the pair is losing momentum in the bearish zone while the RSI for the pair is still above 50 level. As recently reported, Ethereum’s strong uptrend remained set at $1700 after ETH traded to a new all-time high of $1840 before correcting lower against the US dollar and the price was holding on to the $1700 level with it likely starting a fresh new increase.