Ethereum gained a bullish momentum and cleared the $ 1,950 resistance against the US Dollar

Ethereum is expanding its gains. ETH recently tested the $ 2,000 resistance zone.

The price is now well above the $ 1,950 support and the 100 hourly simple moving average.

There is a key bullish trend line formed with support near $ 1,945 on the hourly chart of ETH / USD.

The pair may experience a bearish correction, but it is likely to remain stable around $ 1,950 and $ 1,900.

Ethereum Price Accelerates

Unlike Bitcoin, Ethereum continued to bid above the $ 1,850 level and rose to the highest level of the week. ETH broke through several key hurdles near the $ 1,920 and $ 1,950 resistance levels.

There was also an increase above the $ 2,000 level and the price settled nicely above the 100 hourly simple moving average. A high was formed around $ 2,008 and the price is currently consolidating gains. Initial downside support is near the $ 1,980 level.

There is also an important bullish trend line formed with support near $ 1,945 on the hourly chart of ETH / USD.

The trendline is near the 50% Fib retracement level of the recent increase from the $ 1,888 low to the $ 2,008 high. On the upside, Ethereum could struggle to move above the $ 2,000 resistance. A successful close above the $ 2,000 level could open the doors for a big boost in the coming sessions. In the stated situation, the price could easily rise to the $ 2,080 and $ 2,100 levels.

What Are the Supported Drops in ETH?

If Ethereum fails to break above the $ 2,000 and $ 2,010 resistance levels, a correction may come to a lower level. Initial downside support is near the $ 1,980 level.

The first major support is near the bullish trend line linking the $ 1,950 level. Further losses could drag the ETH price towards the $ 1,880 support zone. On the same chart, there is another uptrend line pending with support near $ 1,880 where the bulls are likely to take a stand.

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 well above the 50 level.

Major Support Level: $ 1,950.

Major Resistance Level – $ 2,000.