Ethereum Price Breaks $2,000 As The Bulls Take Over Crypto Market

2023-07-14 03:42:52

Ethereum price is up over 7% and trading above $2,000 against the US Dollar. ETH gained pace after XRP jumped over 80% and cleared $0.90.

Ethereum is up over 7% from the $1,850 support zone.
The price is trading above $1,980 and the 100-hourly Simple Moving Average.
There was a break above a key contracting triangle with resistance near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further toward the $2,050 and $2,120 resistance levels.

Ethereum Price Aims Higher

Ethereum’s price remained well-bid above the $1,850 zone. ETH started a decent increase after XRP surged over 50%. There was a move above the key $1,890 resistance zone. Many altcoins, including MATIC, SOL, BNB, and ADA gained handsomely in the past few hours.

There was also a break above a key contracting triangle with resistance near $1,885 on the hourly chart of ETH/USD. The pair gained over 7% and even surpassed the $2,000 resistance zone. A high is formed near $2,027 and the price is now consolidating gains.

Ether is trading above $1,980 and the 100-hourly Simple Moving Average. It is also well above the 23.6% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $2,025 level. The first major resistance is near the $2,050 zone, above which the price could rise toward the $2,120 resistance zone. The next major resistance is near the $2,200 level. Any more gains could send Ether toward the $2,250 resistance or even $2,350.

Are Dips Limited in ETH?

If Ethereum fails to clear the $2,025 resistance, it could start a downside correction. Initial support on the downside is near the $2,000 level.

The first major support is near the $1,980 level, below which the price might test the $1,945 level. It is close to the 50% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high. The next major support is near the $1,905 level. Any more losses could send Ether toward the $1,865 support level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,945

Major Resistance Level – $2,050

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