Ethereum Price Consolidates From High at $2,000

In this context, it can be concluded that the Ethereum price experienced an initial decline below the $1,750 support level, but then managed to start a new rally and even break through the key resistance zones at $1,800 and $1,850. The price is currently consolidating after reaching a high near $1,858.

Despite a slight decline below the 23.6% Fib retracement level, the Ether price is still trading past the $1,780 support level with a modest 100-hour move. Therefore, it can be considered that the Ethereum price trend is still bullish, and the temporary decline can be considered a normal correction before the price rises higher.

However, as always, cryptocurrency trading carries a high level of risk, and traders must conduct careful fundamental and technical analysis and manage their risk carefully. True, there is a major bullish trend line formed along with the support level at $1,780 on the ETH/USD hourly chart, and the price is currently facing resistance near the $1,830 zone with the next major resistance being near the $1,850 zone. If the price fails to break through the resistance, it could start a decline again and test support at the $1,790 level and the trendline. If this support level is broken, then the price could experience a further decline to the level of $1,750 or even lower.

However, if the price manages to break through the $1,850 resistance zone and continue to rise, then the next goal for the upside may reach $2,000, and further gains could set the pace to test the $2,120 resistance zone in the near term. However, keep in mind that cryptocurrency trading carries a high level of risk, and traders should always be aware of the possibility of unexpected price movements. Therefore, traders should pay close attention to Ethereum's current price movements and use careful technical analysis to make wise trading decisions. Additionally, traders should manage risk carefully and consider fundamental factors that may affect Ethereum's price movements, such as the latest news and announcements from the cryptocurrency industry.

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Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!