The price of Ethereum has experienced a notable increase of over 7%, reaching above $2,000 against the US Dollar. This surge was prompted by a remarkable 80% jump in XRP, which cleared the $0.90 threshold.
Starting from the support zone around $1,850, Ethereum has shown significant upward momentum. Currently, the price is trading above $1,980 and the 100-hourly Simple Moving Average. Notably, there was a breakthrough a crucial contracting triangle, with resistance near $1,885, as observed in the hourly chart of ETH/USD via Kraken’s data feed.
Considering the present trajectory, the ETH/USD pair has the potential to continue its ascent toward resistance levels at $2,050 and $2,120. This positive trend in Ethereum’s price is part of a broader upswing that various altcoins, including MATIC, SOL, BNB, and ADA, have also experienced in recent hours.
After surpassing the significant hurdle at the $1,890 resistance zone, Ethereum’s price registered a gain of over 7%, surpassing the $2,000 resistance area. The price climbed to a high point near $2,027 before entering a consolidation phase to solidify its gains.
