The price of Ethereum (ETH) is showing a strong bullish trend as it rallies above $1,900 against the US Dollar.
Following the lead of Bitcoin, ETH is inching closer to the crucial $2,000 resistance level. Let’s delve into the recent price action and key levels to watch.
Ethereum has been making significant strides, surpassing resistance levels at $1,850 and $1,880. Currently, the price is trading above $1,850 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market.
Moreover, a notable bullish trend line is forming with support near $1,900 on the hourly chart of ETH/USD.
ETH’s price surge has been notable, with a gain of over 6% in recent sessions. This upward momentum was sparked by Bitcoin’s surge, as the leading cryptocurrency cleared the $1,850 resistance level.
Ethereum reached a high of around $1,930 and is currently consolidating its gains. The price is comfortably trading above the 23.6% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high.