ETH is Poised To Break $2,000 while Ethereum Regains Strength

When  Bitcoin snowballed above $60,000 Ethereum traded above $1,9000. However, before ETH faced sellers, it traded as high as $1,943. Based on the aforementioned, below $1,920 and $ 1,900 levels, there was downside correction. The price of Ether reduced below the support level which is $1,880.  Also below 23.6% upward move, a break was observed, also fib retracement of the upward move from the $1,722 was seen to swing low at a high of $1, 943.

Above $1,850, is Ether now trading and which nice and also the hundred hourly SMA is. The 50% Fib retracement level of the upward move from $1, 722 is being held by Ether.

Near $1,890, there is a key bullish flag forming with resistance and it is on hourly chart of ETH/USD. There are chances of a strong increase above $1900, if there is an upside break above the flag resistance. However, after the aforementioned, the next likely unique resistance will be near the $1,950 level and which higher than it the price may even clear $200, which the zone of resistance in the next session.

Ethereum can correct further lower, if fails to continue higher above the $1,890 and $1,900 resistance level. Near $1,850 level is the first key support.

Near the $1,830 level and 100 hourly simple moving is where the main support is now forming. The ether price may decline towards the $1,800 level, if there is a downside break below $1,830.

Finally, further losses could call for testing the key $1,759 support zone near term.


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