Ethereum Aims For $2,000 Price Zone As Rally Continues

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Ethereum keeps on gaining pace as it surpassed the $1800 resistance level against the US Dollar. It has stabilized above the $1800 support and it could possibly climb higher.

The Merge, expected to happen by next month, has taken a positive toll on Ethereum’s price. This event will mark its complete transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus mechanism.

Just recently, Ethereum rose as high as $1880 and went as far as spiking above the $1920 resistance. Although there was a downward correction below the $1900 level, Ether price tested the 23.6% Fibonacci retracement level of the recent increase from the $1665 low to the $1943 high.

Regardless of the decline from the $1920 level, Ethereum seems to have gained more stability above the $1880 level, and there is a bullish trendline forming with support near this price on the hourly chart.

Though ETH still faces immediate resistance at $1920 and major resistance at $1940, a clear move above these levels means that the price of Ethereum will rally to $2k. It might as well get to the $2120 level if there is more upward momentum.

However, if Ethereum does not go beyond the resistance as soon as possible, there might be a downward movement in its price. Initial support on the downside is at $1880, while the next is on the $1855 level.

Chiagoziem Bede Ikwueze

Chiagoziem has gathered a wealth of experience, having worked for many prominent crypto-based businesses, including Revain, Whiteboard Crypto, DeRev, The Crypto Cartel, Crypto News, MoneySwitch, Full Value Dan, and Bitcompare. Over the past couple of years, his works have been featured in many publications and places. When he is not writing, he spends time working on his other digital businesses, playing video games, reading books, watching movies, and most importantly, enjoying quality time with loved ones.

Ethereum keeps on gaining pace as it surpassed the $1800 resistance level against the US Dollar. It has stabilized above the $1800 support and it could possibly climb higher.

The Merge, expected to happen by next month, has taken a positive toll on Ethereum’s price. This event will mark its complete transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus mechanism.

Just recently, Ethereum rose as high as $1880 and went as far as spiking above the $1920 resistance. Although there was a downward correction below the $1900 level, Ether price tested the 23.6% Fibonacci retracement level of the recent increase from the $1665 low to the $1943 high.

Regardless of the decline from the $1920 level, Ethereum seems to have gained more stability above the $1880 level, and there is a bullish trendline forming with support near this price on the hourly chart.

Though ETH still faces immediate resistance at $1920 and major resistance at $1940, a clear move above these levels means that the price of Ethereum will rally to $2k. It might as well get to the $2120 level if there is more upward momentum.

However, if Ethereum does not go beyond the resistance as soon as possible, there might be a downward movement in its price. Initial support on the downside is at $1880, while the next is on the $1855 level.

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Chiagoziem Bede Ikwueze