Ethereum Smashes Resistance—$2K Next Stop?
ETH bulls just bulldozed through key resistance levels like a DeFi protocol exploiting a flash loan loophole. The $2,000 psychological barrier now looms—will institutional FOMO or another ’rug pull’ narrative dominate the next 24 hours?
Technical indicators scream overbought, but since when did crypto care about fundamentals? Grab your popcorn—this rally either moonshots or faceplants before Wall Street’s coffee gets cold.
Ethereum Price Gains Momentum
Ethereum price remained supported above the $1,720 zone and started another increase, like Bitcoin. ETH climbed above the $1,780 and $1,800 resistance levels to set the tone for a larger increase.
The bulls even pushed the price above $1,850. A high was formed at $1,872 and the price is now consolidating gains. There was a minor decline and the price tested the 23.6% Fib retracement level of the upward move from the $1,733 swing low to the $1,872 high.
Ethereum price is now trading above $1,800 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles NEAR the $1,850 level. There is also a short-term contracting triangle forming with resistance at $1,860 on the hourly chart of ETH/USD.
The next key resistance is near the $1,880 level. The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,880 resistance, it could start a fresh decline. Initial support on the downside is near the $1,840 level. The first major support sits near the $1,800 zone and the 50% Fib retracement level of the upward move from the $1,733 swing low to the $1,872 high.
A clear move below the $1,800 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,800
Major Resistance Level – $1,880
