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If ETH Clears $1850 It Could Even Surge To $2000: Price Analysis

Stefan by Stefan
16/02/2021
in Ethereum News
Reading Time: 2 mins read
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Ethereum Might Be Classified, ETH, price, merge
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If ETH clears the $1850 level, there are strong chances to hit $2000 in the near-term as the coin remained stable above $1750 against the US dollar. The ETH price is now eyeing the upside break above the $1850 and the $1880 resistance levels so let’s take a closer look at the price analysis today.

Ethereum started a fresh increase after it started trading to $1650 support zone with the price is now trading well above the $1750 and the 100 hourly simple moving average with a major bearish trend line forming with the resistance of $1825 on the hourly chart of the pair that could start a strong increase if there’s a clear break above the $1825 and $1850. ETH declined dramatically below the 00 level and the 50 support levels with the price dropping below these levels and the 100 hourly simple moving average.
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ETHUSD
Source ETHUSD on TradingView.com

The bulls were able to take a strong stand near the $1650 zone with a new low forming near the $1665 and the price going for a new increase. There was also a break above the $1750 resistance and the 100 hourly simple moving average while ETH was able to hit $1800 but failed to shoot higher than $1850. The new high was formed shortly after, close to the $1835 and with a minor dip as well. The price corrected below the $1800 level with a break below the 23.6% fib retracement level from the wave at $1665 swing low to the $1835 high.

The bulls were active above the $1750 support level so the 50% fib retracement level of the recent wave from $1665 low to $1835 high is also close to $1750. If ETH clears the $1800 range, there’s a strong chance of hitting $2000 while the price is facing major hurdles near the $1850 level. There’s also a major bearish trendline that is forming with the resistance of the $1825 zone with a strong chance for the bulls to aim towards $2000.

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ETHUSD
Source ETHUSD on TradingView.com

If ETH fails to clear the trend line resistance of $1850, there could be another decline while on the downside, the first major support is clear the $1750 level. The main support is close to $1700 level and if there’s a close below this level, the bulls could lose control with more chances to hit the $1650 support. The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI for the pair is above the 50 level.

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Tags: eth clearseth priceeth surgeEthereum analysisEthereum Priceif eth clearsprice analysissurge
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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