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

Posted Friday, March 24, 2023 by
Arslan Butt • 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.
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