Ethereum broke through the $1,940 resistance level against the US dollar. ETH even surpassed $2,000 and may extend gains in the near term. Above the $1,920 and $1,940 levels, ETHEREUM began a recovery wave. The price is currently trading above $1,920 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a connecting bullish trend line is forming with support near $1,975. If the pair closes above the $2,000 resistance zone, it could extend its gains.

Ethereum Soars by 5%, What’s Next?

Ethereum has maintained its support above the $1,850 level. The price rose steadily, and the bulls were able to push it above the $1,920 resistance level.

The price even broke through the $1,940 resistance level and settled above the 100 hourly simple moving average. Finally, the price surged above the $2,000 resistance level, reaching as high as $2,010. Ether is currently consolidating gains near the $2,000 mark.

It is trading above the 23.6 percent Fib retracement level of the upward move from the swing low of $1,874 to the high of $2,010. On the hourly timeframe of ETH/USD, a connecting bullish trend line is forming with support near $1,975.

On the upside, an initial resistance level near $2,000 is present. The next major resistance is around $2,040. A proper break above the $2,040 resistance level could increase the price. In this scenario, the ETH/USD could rise to the $2,120 resistance level. Any further gains could push it towards the $2,200 resistance level.

Dips in ETH Are Limited?

If Ethereum fails to break through the $2,000 resistance level, it may begin a downward trend. The trend line and the $1,975 zone provide initial support on the downside.

The next major support is around $1,940. It is close to the 50% Fib retracement level of the upward move from the swing low of $1,874 to the high of $2,010. If the price falls below $1,940, it could move towards $1,900. The next significant support is located near $1,860 and the 100 hourly simple moving average. Good luck!