TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet

012, Aug 2022

Ethereum gained pace and cleared the $1,800 resistance against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

Ethereum remained well bid above the $1,800 support and climbed further higher. The price now trades above $1,820 and the 100 hourly simple moving average.

There is a crucial bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise further towards the $1,980 and $2,000 levels.

Ethereum Price Eyes More Upsides

Ethereum remained well bid above the $1,750 level. ETH gained pace after a clear move above the $1,800 resistance zone. It even climbed above the $1,880 level.

There was a spike above the $1,920 resistance, and the price traded as high as $1,943. Recently, there was a downside correction below the $1,900 level.

Ether price tested the recent increase's 23.6% Fib retracement level from the $1,655 low to the $1,943 high. However, the price remained well bid above the $1,880 level. There is also a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Ether price is now trading above $1,820 and the 100 hourly simple moving average. Immediate resistance on the upside is near the $1,920 level.

The first major resistance is near the $1,940 level. A clear move above the $1,940 level could start a steady increase to $2,000. If there are more upsides, the price may rise towards the $2,120 resistance zone in the near term.

Dips Limited in ETH?

If Ethereum fails to rise above the $1,940 resistance, it could start a downside correction. Initial support on the downside is near the $1,880 zone and the trend line.


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The next significant support is near $1,855. The primary support is near the $1,800 level or the 50% Fib retracement level of the recent increase from the $1,655 low to $1,943 high, below which there is a risk of more losses.

In the stated case, ether price may decline towards the $1,765 support. Any more losses might call for a test of the $1,720 level. - newsbtc