Ethereum may reach $2K soon based on key indicators

The price of Ethereum had seen a correction after hitting the resistance level of $1,920 against the US Dollar. However, it is currently supported and may soon aim to move towards $2,000. Ethereum is eyeing a fresh increase above the $1,920 resistance level and is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD. The pair could gain momentum if it clears the $1,920 resistance level. Ethereum’s price started to increase above the $1,800 resistance level and even broke the $1,880 level before the bears appeared near $1,920 and pushed the price lower, similar to Bitcoin. There is still a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD. Immediate resistance is near the $1,910 zone. The next major resistance is near the $1,920 level. The next resistance sits near $2,040, above which Ethereum could gain pace toward $2,120. However, if Ethereum fails to clear the $1,920 resistance level, it could continue to move down. The initial support on the downside is near the $1,885 level, and the next major support is near the $1,870 zone or the trend line. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is above the 50 level. The major support level is $1,870, and the major resistance level is $1,920.

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