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Ethereum Price Poised for $2,000 Rally as Bearish Sentiment Weakens

The Ethereum price has recently risen above the $1,800 resistance level against the US Dollar, indicating positive momentum and the potential

Arslan Butt•Friday, March 24, 2023•1 min read
The Ethereum price has recently risen above the $1,800 resistance level against the US Dollar, indicating positive momentum and the potential for further gains towards the $2,000 mark.

The Ethereum price initially dropped below the $1,750 support level, but buyers emerged above the $1,700 support zone, leading to a low of $1,713 and a subsequent increase similar to that of Bitcoin.
The price then rose above the $1,750 and $1,780 resistance levels, ultimately surpassing the $1,800 resistance zone and even spiking above the $1,850 resistance zone.

A high of $1,858 was reached, and the price is now consolidating gains. Although there was a slight decline below the 23.6% Fib retracement level, the Ether price is currently trading above $1,780 and the 100 hourly simple moving average.

Furthermore, an important bullish trend line is forming with support at $1,780 on the hourly chart of ETH/USD. On the positive side, the price is currently encountering resistance near the $1,830 zone, with the next significant obstacle near the $1,850 zone. A successful breakthrough of the $1,850 resistance zone may potentially trigger a substantial upward movement in price.

The next goal for the bullish trend may be to reach the $2,000 level. Further increases could even lead to a test of the $2,120 resistance zone in the near future.

However, if Ethereum fails to surpass the $1,850 resistance, it could lead to another decline. In that case, an initial support level is expected near $1,790, as well as the trend line. The following major support is located near the $1,765 zone or the 61.8% Fib retracement level of the upward movement from the $1,713 swing low to $1,858 high. If the price falls below $1,765, it could gain bearish momentum and potentially drop towards $1,720. Any further losses may prompt a test of the $1,660 level.
ABOUT THE AUTHOR See More
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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