Ethereum price has shown signs of strength recently as it started a fresh increase above the $1,950 resistance level. This upward momentum has allowed ETH to consolidate above $2,000 and the 100-hourly Simple Moving Average.
One notable move for Ethereum was the break above a major bearish trend line with resistance near $2,010 on the hourly chart of ETH/USD. This breakout has opened up the possibility for further gains in the near future.
While Ethereum consolidates its recent gains, it faces immediate resistance near the $2,050 zone. The first key resistance level is at $2,070, and a clear move above this level could potentially spark bullish moves. If Ethereum manages to surpass this level, the next resistance to watch is near $2,120, with a possible move toward the $2,200 level. Further gains could even lead to a push towards the $2,250 level.
On the downside, Ethereum has initial support near the $2,000 level and the 100-hourly Simple Moving Average. A breach of this support could result in a fresh decline. The next key support level is at $1,985, which corresponds to the 50% Fib retracement level of the recent increase from the $1,905 swing low to the $2,068 high. The main support remains at $1,965. A downside break below this level might trigger further losses for Ethereum, potentially leading to a drop towards the $1,905 support zone in the near term.
Analyzing the technical indicators, the hourly MACD for ETH/USD suggests that momentum is starting to lose its bullish strength in the market. Furthermore, the hourly RSI for ETH/USD is currently above the 50 level, indicating positive market sentiment.
Ethereum has shown resilience and an upward trajectory as it consolidates above the $2,000 level and the 100-hourly Simple Moving Average. The break above a major bearish trend line signals a potentially bullish outlook, with resistance levels at $2,070 and $2,120. However, it is vital to monitor the support levels around $2,000, $1,985, and $1,965, as a breach of these levels may lead to a fresh decline. As the market sentiment remains positive, Ethereum’s future price movements are eagerly anticipated by traders and investors alike.
