Ethereum’s Value Surges as Investors Flock to the Cryptocurrency: Here’s Why Dip Buying is on the Rise

Ethereum has experienced a surge in price and has gone past the $1,840 resistance against the US Dollar. As things stand, Ethereum is indicating positive momentum and could make a move towards the $1,920 resistance. The bullish trend line forming with support near $1,835 ETH/USD on the hourly chart from Kraken, coupled with remaining above the support levels of $1,835 and $1,820, could result in a rise in the further growth of Ethereum. Ethereum formed a base above the $1,800 support level and rose above the hypothetical valuation, up to $1,870. Currently, gains are being consolidated above the 23.6% Fib retracement level of the recent wave starting from the $1,793 swing low to the $1,873 high. The 100-hourly Simple Moving Average and a bullish trend line are evident with support near $1,835 on the hourly chart of ETH/USD. The Ethereum market’s initial resistance stands near the $1,880 mark and its subsequent level lies around $1,920 and $1,940. Ethereum could potentially increase to $2,000 if it manages to close above the $1,920 resistance level. Ethereum’s value may correct towards the downside if it fails to clear the $1,880 resistance, with the initial support on the downside located near the $1,850 level. The primary support lies at $1,820, which if broken, might push the price further down towards the $1,780 zone. Technical indicators reveal that the MACD for ETH/USD has lost momentum in the bullish zone, while the RSI for ETH/USD is above the 50 level. If the bulls remain active in the market, Ethereum could conceivably increase towards $2,040, and any gains above the $2,040 resistance zone could foster a steady rise towards the $2,120 resistance.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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