Ethereum Preparing for a New Rally? April 4, 2021

Ethereum is showing many positive signs above the $ 2,000 support zone.

The price is currently well above the $ 2,000 support and the 100 hourly simple moving average.

There is a key bearish trend line with resistance around $ 2,075 on the hourly chart of ETH / USD.

Unless there is a close below the $ 2,000 support zone, the pair is likely to enter a new uptrend.

Ethereum Price Remains Strongly Up

Ethereum, unlike Bitcoin, showed a bullish trend after a clear break above the $ 1,950 resistance. ETH has overcome many key hurdles around $ 2,000 to move into a positive zone.

The price gained a bullish momentum and even crossed the $ 2,100 level. Ethereum rose to an all-time high near $ 2,140 before embarking on a downside correction. It broke the $ 2,050 support level, but the bulls were active near the $ 2,000 zone.

The price is currently well above the $ 2,000 support and the 100 hourly simple moving average. It dropped the 50% Fib retracement level of the last decline from the $ 2,140 high to $ 1,981.

However, the bears protect the $ 2,100 zone. There is a key bearish trend line with resistance near $ 2,075 on the hourly chart of ETH / USD.

On the downside, there is a major support formed near the $ 2,000 level and the 100 hourly SMA. Unless there is a downside break below $ 2,000, ETH is likely to start a new surge above the $ 2,100 level.

Big Fix in ETH?

If Ethereum cannot stay above the $ 2,000 support and the 100 hourly SMA, there is a risk of a downside breakout. The first major support is near the $ 1,980 level.

Further losses could drag Ethereum price towards the $ 1,900 support zone. If the bulls can’t keep $ 1,900, it could be a test for the $ 1,850 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH / USD is well below the 50 level.

Major Support Level – $ 2,000.

Major Resistance Level – $ 2,100.

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