Daily Price Outlook
Ethereum's price rallied above the $2,000 resistance against the US dollar, surging over 10% with the potential to reach $2,200. After settling above the $1,900 resistance zone, Ethereum crossed a significant contracting triangle with resistance around $1,925 on the ETH/USD hourly chart.
Consequently, bulls took control, pushing the price above $2,000 and triggering a bullish wave up to $2,080. Bitcoin lags but later breaks the $30,250 resistance and moves toward $31,000.
Currently, Ether is trading above $2,000 and the 100-hourly Simple Moving Average. Immediate resistance lies around $2,120, with the next significant resistance at $2,150. A close above this level could trigger another surge, potentially targeting the $2,200 and $2,350 resistance levels.
If Ethereum fails to clear the $2,120 resistance, a downside correction could occur, with initial support near $2,080. The next significant support is around the $2,000 zone or the 50% Fib retracement level of the upward move from $1,855 to $2,130. A decline below this level might push Ether towards $1,960, with the primary support forming near $1,925 and $1,900.
ETH/USD Trade Idea
Entry Price – Sell Below $2160
Stop Loss – $2200
Take Profit – $2025
Risk to Reward – 1: 3
Profit & Loss Per Standard Lot = +$122/ -$36
Profit & Loss Per Micro Lot = +$12.2/ -$3.6
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