{"id":31362,"date":"2023-10-24T04:52:36","date_gmt":"2023-10-24T08:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=31362"},"modified":"2023-10-24T04:52:36","modified_gmt":"2023-10-24T08:52:36","slug":"ethereum-accelerates-toward-2000-but-can-the-bulls-make-it","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/24\/ethereum-accelerates-toward-2000-but-can-the-bulls-make-it\/","title":{"rendered":"Ethereum Accelerates Toward $2,000 But Can The Bulls Make It?"},"content":{"rendered":"

Ethereum price started a decent increase after Bitcoin rallied 15% against the US dollar. ETH is rising, but it might struggle to clear the $1,850 resistance.<\/em><\/p>\n

Ethereum started a steady increase above the $1,750 resistance.
\nThe price is trading above $1,780 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,750 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to clear the $1,850 and $1,880 resistance levels.<\/p>\n

Ethereum Price Jumps 10%<\/h2>\n

Ethereum remained in a positive zone above the $1,650 support zone. The recent pump in Bitcoin<\/a> above the $34,000 resistance sparked more upsides in ETH. There was a steady increase above the $1,720 and $1,750 resistance levels.<\/p>\n

The price even cleared the key $1,800 resistance zone. A high is formed near $1,849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.<\/p>\n

Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,750 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.<\/p>\n

On the upside, the price is facing resistance near the $1,850 level<\/a>. The first major resistance is near the $1,880 zone. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,920, above which the price could accelerate higher.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

In the stated case, Ether could start a strong increase toward the $2,000 resistance. Any more gains might open the doors for a move toward $2,200.<\/p>\n

Downside Correction in ETH?<\/h2>\n

If Ethereum fails to clear the $1,850 resistance, it could start a downside correction. Initial support on the downside is near the $1,800 level.<\/p>\n

The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, the price could drop toward the $1,700 level. Any more losses may perhaps send Ether toward the $1,650 level and the 100-hourly Simple Moving Average.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,750<\/p>\n

Major Resistance Level \u2013 $1,850<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price started a decent increase after Bitcoin rallied 15% against the US dollar. ETH is rising, but it might struggle to clear the $1,850 resistance.<\/em><\/p>\n

Ethereum started a steady increase above the $1,750 resistance.
\nThe price is trading above $1,780 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,750 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to clear the $1,850 and $1,880 resistance levels.<\/p>\n

Ethereum Price Jumps 10%<\/h2>\n

Ethereum remained in a positive zone above the $1,650 support zone. The recent pump in Bitcoin<\/a> above the $34,000 resistance sparked more upsides in ETH. There was a steady increase above the $1,720 and $1,750 resistance levels.<\/p>\n

The price even cleared the key $1,800 resistance zone. A high is formed near $1,849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.<\/p>\n

Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,750 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,660 swing low to the $1,849 high.<\/p>\n

On the upside, the price is facing resistance near the $1,850 level<\/a>. The first major resistance is near the $1,880 zone. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,920, above which the price could accelerate higher.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

In the stated case, Ether could start a strong increase toward the $2,000 resistance. Any more gains might open the doors for a move toward $2,200.<\/p>\n

Downside Correction in ETH?<\/h2>\n

If Ethereum fails to clear the $1,850 resistance, it could start a downside correction. Initial support on the downside is near the $1,800 level.<\/p>\n

The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, the price could drop toward the $1,700 level. Any more losses may perhaps send Ether toward the $1,650 level and the 100-hourly Simple Moving Average.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,750<\/p>\n

Major Resistance Level \u2013 $1,850<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31362","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31362"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31362\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31362"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}