Ethereum Climbs Towards $2,000: More Bullish than Bitcoin, Key Levels, and Future Moves”

• Ethereum’s price is steadily approaching the $2,000 resistance against the US dollar, showing more positive movement than Bitcoin.
• The cryptocurrency maintains a position above $1,850 and the 100-hourly Simple Moving Average, indicating a potential upward trend.

Ethereum is demonstrating a gradual upward movement, approaching the crucial $2,000 resistance against the US dollar. Trading above $1,850 and the 100-hourly Simple Moving Average, ETH seems more positively poised for an upward trajectory compared to Bitcoin.

On the hourly chart of ETH/USD provided by Kraken, a connecting bullish trend line near $1,880 suggests a supportive pattern. As the price holds above this level, there’s potential for further upward movement, possibly surpassing $1,920 and $1,950.

Despite reaching as high as $1,915, Ethereum is consolidating its gains. A slight downside correction occurred below $1,900, dipping beneath the 50% Fib retracement level of the upward swing from the $1,858 low to the $1,915 high.

However, the bulls defend against more significant downturns, particularly below the $1,880 support. They firmly safeguard the 61.8% Fib retracement level of the upward swing, reinforcing the positive sentiment.

Ethereum’s Immediate Trajectory

Presently, Ethereum remains above $1,880 and the 100-hourly Simple Moving Average. Resistance is near the $1,900 level, with the primary hurdle at $1,920. A breakthrough past $1,920 could trigger a bullish trend, potentially clearing $1,950 and progressing toward the critical $2,000 barrier. Further resistance awaits near $2,050, indicating a possible acceleration in price movement.

In the scenario where Ethereum fails to surpass the $1,920 resistance, a downside correction might emerge. Initial support is around $1,880, followed by the trend line. If downward momentum persists, crucial support levels lie at $1,860, the 100-hourly SMA, and ultimately $1,850. A breach below $1,850 could steer Ether towards the $1,750 level.

Technical Indicators

• Hourly MACD: Showing a loss of bullish momentum for ETH/USD.
• Hourly RSI: RSI for ETH/USD is currently above the 50 level, indicating a positive sentiment.