Ethereum Price Soars Above $2,000: Time to Invest?

• Ethereum price is rising above the $2,000 level against the US Dollar.
• There is a key rising channel forming with support near $2,060 on the 4-hours chart.
• The pair could climb further if it stays above the $2,000 support zone.

Ethereum Price Analysis

Ethereum price is moving higher above the $2,000 resistance against the US Dollar. ETH price is now trading above $2,000 and the 55 simple moving average (4 hours). There is a key rising channel forming with support near $2,060 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it stays above the $2,000 support zone.

Uptrend Support

In the past few days, Ethereum saw a decent increase above the $1,880 level against the US Dollar. ETH price was able to gain pace for a move above the $2,000 level and the 55 simple moving average (4 hours). The bulls even pushed the price above the $2,100 resistance zone. A high was formed near $2,142 before bearish correction occurred.

Support and Resistance LevelsThe price dipped below 23.6% Fib retracement level of an upward move from swing low to high but managed to stay well supported around this area as it trades presently around $2000 mark and 55 SMA(4 hours). Immediate resistance on upside is seen at around$2100 while major resistance lies at around$2141 .On downside initial support lies at around$2060 followed by major support at around$2050 .A break below this may push Ethereum towards 2000 region which is also 50% Fib retracement mark for uptrend move from swing low to high .

Technical IndicatorsLooking at technical indicators ,MACD for ETH/USD has gained momentum in bullish zone while RSI stands firmly over 50s indicating that buyers are still in control of market .

ConclusionOverall , Ether’s price could head north if it holds its ground over 2000 region as discussed in article .