Ethereum Price Surges Above $1,940, Eyeing $2,000 Resistance
Ethereum's price has been gaining momentum, surpassing the $1,940 level against the US Dollar. If it manages to break
Arslan Butt•Tuesday, July 4, 2023•1 min read
After establishing a support base above $1,850, Ethereum initiated a fresh rally above the $1,880 level, outperforming Bitcoin. The price made a notable move above the $1,950 resistance, reaching a new multi-day high at $1,975 before entering a consolidation phase.
Although there was a slight decline below $1,965, the price found support near the 23.6% Fibonacci retracement level of the recent upswing from the $1,889 swing low to the $1,974 high. Currently, Ethereum is trading above $1,920 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line is forming with support around $1,945.
The immediate resistance is near $1,975, followed by a major resistance at $2,000. A decisive close above the $2,000 level could trigger a fresh surge, with the next resistance level around $2,050.
Further upward momentum could propel the price towards the $2,120 and $2,200 resistance levels.
However, if Ethereum fails to break above the $1,975 or $2,000 resistance levels, a downside correction might occur. Initial support is anticipated around $1,950 and the trend line area.
The next significant support level is near $1,930, aligned with the 50% Fibonacci retracement level and the 100-hourly Simple Moving Average. Further downward movement could push the price towards $1,900 and potentially test the $1,880 support level.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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