Based on key technical indicators, there is a strong case for Ethereum’s price to rally up to $2,200. The price of Ethereum has been experiencing a steady climb and is currently trading above $1,940 against the US Dollar. If it manages to clear the crucial resistance zone at $2,000, it could surge by 5%-8%.
The hourly chart shows a connecting bullish trend line forming with support near $1,945, and the price is trading above the 100-hourly Simple Moving Average. These are positive signs that suggest that the price of Ethereum is likely to continue its upward trend.
However, if the price fails to clear the resistance levels, it could start a downside correction. The initial support level is near the $1,950 mark, followed by the trend line zone. The next significant support is near the $1,930 level, which is close to the 50% Fibonacci retracement level of the recent increase from the $1,889 swing low to the $1,974 high, as well as the 100-hourly Simple Moving Average.
If the price of Ethereum drops below the $1,930 level, it could potentially fall towards the $1,900 mark. Any further losses may send the price towards the $1,880 support level.
In summary, the technical indicators for Ethereum suggest that the price is likely to continue its upward trend and potentially rally up to $2,200, but there is also a possibility of a downside correction if it fails to clear the resistance levels.
Source: NEWSBTC
