Technical Analysis before The Merge: Ethereum at $2,000?

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Ethereum broke the $1,700 resistance against the US Dollar. ETH is showing positive signs and could even clear the $1,800 resistance.

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Ethereum has started a strong surge and settled above the $1,700 level.
The price is now trading well above $1,700 and the 100 hourly simple moving average.
A key uptrend line is forming with support near $1,725 on the hourly chart of ETH/USD (data feed via Kraken).
The pair needs to clear $1,780 to continue higher towards $1,880 in the short term.

Ethereum price: uptrend intact

Ethereum remained well above the $1,650 level and started a fresh rise. ETH managed to clear the key $1,700 resistance zone and the 100 hourly simple moving average.

Notice

The resistance zone of $1,750 has clearly been breached. A fresh multi-week high was formed at $1,788 and both are now correcting gains. There was a small drop below $1,750. The price of ether fell below the 23.6% Fib level of the recent rise from the $1,620 low to the $1,788 high.

The price is now trading above $1,700 and the 100 hourly simple moving average. There is also a key uptrend line formed with support near $1,725 on the hourly chart of ETH/USD.

Ethereum Price, Source: ETHUSD on TradingView.de

On the upside, the price is facing resistance near $1,750. The next key resistance is $1,780.

Crypto influencer Miles Deutscher also believes that the upcoming upgrade “The Merge” will have a strong impact on the crypto industry. He writes:

“The next 18 days are significant for cryptocurrency.
Major macro events: CPI, FOMC, CTP
Crypto Events: $ETH Merge, $ADA Vasil
Stay tuned as there will be plenty of opportunities.”

The next 18 days are huge for crypto.
Major macro events: CPI, FOMC, CTP
Crypto events: $ETH merge $ADA Vasil
Strap in and pay attention, because there will be plenty of opportunities.
— Miles Deutscher (@milesdeutscher) September 12, 2022

A clear break above $1,780 could send Ethereum price towards $1,820. Further gains could open the door for a short-term move towards the $1,880 resistance. If the bulls remain in action, the price could rally towards the $2,000 level.

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If Ethereum fails to scale above the $1,780 resistance, a downside correction could begin. Initial support on the downside is near the $1,720 zone.

The next main support is $1,700. It is near the 50% Fib level of the recent rally from $1,620 to the high of $1,788. A breach of the $1,700 support could trigger further losses. In the mentioned case, the price of ether could decrease towards the level of $1,650.

Technical indicators

MACD on the hourly chart – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly chart RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,700
Major resistance level – $1,780

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Text credit: Newsbtc