TL;DR Breakdown
- ETH price experienced massive increase against the US dollar, trading above the $1850 before retracing.
- ETH/USD is expected to reach $2000.
Recently, Ethereum price hit a new record high of almost $1870 before dipping slightly. With the current price volatility, analysts have predicted a strong bullish run and an expected price movement up to $2000 against the US dollar.
Alongside the most sought after cryptocurrency, Bitcoin, Ethereum price experienced a massive uptrend in the past week. Both cryptocurrencies experienced significant increases as Ethereum rose well above $1700. Similarly, Bitcoin skyrocketed above the $45000 mark.
As per data obtained from the 100 simple moving averages above, Ethereum price showed bullish activity well above the $1750 mark, trading below the support levels between $1800 and $1750. Presently, it is steady along with the $1820 level and could experience the same price dip from $1870 to $1760 due to the similarity in 50% Fib retracement levels.
Ethereum price remains bullish
According to the data, a bullish trend is expected. You can see that there is strong support near the $1800 mark. However, there may be a strong resistance along the $1840 level, and the same price dip expected (correction from $1870 to $1760) may cause another significant resistance.
Again, there will be another strong resistance further upwards near $1870, and a decisive break above this price level will lead to a strong bullish run close to $2000 against the USD.
Dip expected for Ethereum price?
All significant explanations have been focused on ETH price remaining bullish, but what happens if the price doesn’t break above $1870? If the price of Ethereum doesn’t keep up well above the $1850 before the major breakout, there may be a considerable downslide near the trend line support.
This plunge may fall well below the $1760 level and a strong support may be experienced further downwards near the $1640 level. Therefore, Ethereum price volatility may lead to a huge decline, but the chances of a bullish run are more notable and expected.
