Ethereum is showing a strong upward momentum as its price surges past $1,940 against the US Dollar.
The cryptocurrency has the potential to continue its upward trajectory if it manages to surpass the crucial resistance zone at $2,000.
Currently, Ethereum is steadily moving closer to the $2,000 zone, trading above $1,920 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD, there is a bullish trend line forming, indicating support near $1,945.
If the resistance at $2,000 is successfully breached in the near future, Ethereum could experience a surge of 5% to 8%.
Ethereum’s price recently found a base above the $1,850 support level and initiated a fresh upward movement, outperforming Bitcoin.
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It surpassed the $1,950 resistance zone, reaching a new multi-day high at $1,975 before consolidating its gains. Although there was a slight decline below $1,965, the price managed to find support.
The immediate resistance for Ethereum is currently near $1,975, followed by a major resistance level at $2,000. A close above $2,000 could potentially trigger a renewed surge, with the next resistance level around $2,050.
Further upward gains could propel the price towards the $2,120 mark, and even higher to the $2,200 resistance level.
However, if Ethereum fails to surpass the $1,975 or $2,000 resistance levels, a downside correction might occur.
In such a scenario, initial support can be found around the $1,950 level and the trend line zone.
The next significant support level lies near $1,930, which aligns with the 50% Fibonacci retracement level of the recent upward movement.
Additionally, the 100-hourly Simple Moving Average also provides support at this level.
Further downward movement could lead to a drop towards the $1,900 mark, and if the bearish sentiment persists, Ethereum may find support around $1,880.
As Ethereum continues to display positive price action, investors are closely watching its performance and assessing the potential for further gains.
