Bullish Momentum Pushes Ethereum Price Closer to $2,000 Milestone

The price of Ethereum (ETH) is experiencing a significant rally, following in the footsteps of Bitcoin’s surge. With ETH trading above key resistance levels and showing bullish indicators, it could soon test the crucial $2,000 resistance zone.

Recent Price Movements

Ethereum has successfully broken through the $1,850 and $1,880 resistance levels, indicating a strengthening bullish momentum.

The price is currently trading above the $1,907 mark and is well supported by the 100-hourly Simple Moving Average, further bolstering the bullish sentiment.

Key Levels to Watch

As Ethereum continues its upward journey, immediate resistance is expected near the $1,930 level. A successful breach of this resistance could open doors for further gains, with the next significant resistance seen around $1,950.

Surpassing these levels might pave the way for a potential rally towards the crucial $2,000 mark, followed by the $2,050 and $2,120 resistances.

Downside Scenario

In case Ethereum faces obstacles in surpassing the $1,950 resistance, a downside correction may occur. The initial support level lies near $1,900, while the subsequent major support rests at $1,880, which also represents the recent low.

If the price fails to hold above $1,880, it could decline towards the $1,820 support or the 50% Fibonacci retracement level. Further losses may lead to a test of the $1,780 zone or the 100-hourly Simple Moving Average.