Ethereum Price Pumps Over 10% and Drags Crypto Market Higher, $2,200 Next?

Ethereum price started a fresh rally above the $2,000 resistance against the US Dollar. ETH is up over 10% and might rise further toward $2,200.

• Ethereum started a strong increase above the $2,000 and $2,080 resistance levels.
• The price is trading above $2,000 and the 100-hourly Simple Moving Average.
• There was a break above a key contracting triangle with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could rise further toward the $2,200 resistance zone in the near term.

Ethereum Price Starts Fresh Rally

Ethereum’s price remained strong after it settled above the $1,900 resistance zone. There was a break above a key contracting triangle with resistance near $1,925 on the hourly chart of ETH/USD.

As a result, the bulls took control and were able to push the price above the $2,000 resistance. A clear bullish wave triggered and dragged the price above the $2,080 resistance. Bitcoin struggled to catch up but later it broke the $30,250 resistance and climbed toward $31,000.

Ether price is trading well above $2,000 and the 100-hourly Simple Moving Average. A high is formed near $2,130 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,855 swing low to the $2,130 high.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $2,120 zone. The next major resistance is near the $2,150 zone. A close above the $2,150 resistance zone could start another strong increase. In the stated case, the bulls might aim for a move toward the $2,200 resistance. Any more gains could set the pace for a test of the $2,350 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $2,120 resistance, it could start a downside correction. Initial support on the downside is near the $2,080 level.

The next major support is near the $2,000 zone or the 50% Fib retracement level of the upward move from the $1,855 swing low to the $2,130 high, below which ether price might decline toward the $1,960 level. The main support is now forming near the $1,925 and $1,900 levels.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now in the overbought zone.

Major Support Level – $2,000

Major Resistance Level – $2,120

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