Ethereum price trades around $1,820 as it turns green and a breakout could see it reach a new all-time high above $2,000
Ethereum has rallied higher over the past 24 hours, breaking above $1,800 and extending intraday gains to touch highs above the $1,850 resistance level on some exchanges (ETH/USD reached $1,858 on Binance).
After a slight retreat to the support level at $1,785, ETH price has started a fresh increase against the US dollar and is up 7% on the day.
Sentiment in the crypto market has turned north after Visa announced support for a pilot program set to see the adoption of stablecoin USDC via the financial firm’s Ethereum address. The optimism around mainstream acceptance of cryptocurrencies is likely to inject positivity in the market, with prices rallying during a historically bullish April.
At the time of writing, Ethereum was trading at $1,820 against the US dollar.
Ethereum price outlook
ETH/USD rose above $1,750 as Bitcoin price resumed its uptrend above $55k. As the benchmark crypto broke above $58,000, Ethereum took the cue and rallied past resistance at $1,800 to retest the $1,850 zone.
After weathering bearish pressure near $1,785 today, ETH/USD has climbed above $1,800 and is currently looking to break above $1,820.
Notably, Ethereum’s price is near the upper trend line of a symmetrical triangle. The pattern typically suggests trend continuation, which is an outlook that could aid bulls’ plans for further gains towards the main resistance at $1,850.
The daily chart also shows that buyers have managed to keep ETH/USD above the 20-day exponential and 50-day simple moving averages. This technical perspective is supported by the daily RSI that has climbed above the midpoint and currently prints 56. If the upside momentum holds ETH prices could breach the resistance of the symmetrical triangle pattern’s downtrending line.
The next hurdle could be at $2,041, with bulls likely to seek further gains that could extend past $2,200. If we take into account the symmetrical pattern’s height, the target price in an uptrend is $2,565.
On the flip side, failure to extend gains above $1,800 will allow bears the opportunity to target a fresh dip. If selling pressure forces bulls beyond the $1,780 support zone, ETH/USD could retreat to the key support zone marked by the 20-day EMA ($1,732) and 50 SMA ($1,730).
If Ethereum price fails to rebound off the moving averages, bulls might be forced to defend recent gains at $1,680. There’s also strong support at $1,575, with further declines likely to increase the downward pressure and bring into focus recent lows in the $1,350-$1,280 range.
This post was originally published on Coinjournal.
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