Ethereum price soared above $2,050. ETH is currently consolidating gains and may soon target another rally towards the $2,150 level.
- Ethereum is consolidating and facing resistance near the $2,080 area.
- The price is trading above $2,030 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term contraction triangle forming with resistance near $2,080.
- A break above the $2,080 and $2,090 resistance levels could extend the rally.
Ethereum price is holding steady
Ethereum price began a strong rise above the $2,000 resistance level. ETH outperformed Bitcoin yesterday by breaking above the $2,050 resistance zone. However, the bulls faced a hurdle near the $2,080 and $2,090 levels.
The highest price was reached around $2,092 and the price continues to rise. There was a small correction below the $2,060 level. The price fell below the 23.6% Fib retracement level of the bullish wave from the $1,930 swing low to the $2,092 high.
Ethereum is still well above $2,030 and the 100-hour simple moving average. On the other hand, the price is finding resistance around $2,080. Additionally, a short-term contraction triangle has formed on the hourly chart of ETH/USD with resistance near $2,080.
Source: ETHUSD on TradingView.com
The first major resistance is near the $2,090 level. A clear break above the $2,090 level could lead the price towards the $2,150 resistance area. The next resistance level is near $2,200, if it breaks above it could target an advance towards the $2,250 level. Any more gains could start a wave towards the $2,320 level.
Another drop in ETH?
If Ethereum fails to clear the $2,080 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,055 level and the triangle trend line.
The next major support is the 50% Fib retracement level of the upward wave from the $2,010 or $1,930 swing low to the $2,092 high. The main support level is currently at $1,975. A decline below the $1,975 support could result in further losses. If indicated, Ethereum may fall towards the $1,930 support area in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,055
Key Resistance Level – $2,080