Ethereum price recouped all losses and rose above $2,050. ETH has outperformed Bitcoin and could target further gains above the $2,120 resistance level.
- Ethereum maintained its strength above $1,930 and began a new rally above $2,000.
- The price is trading above $2,020 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance near $1,980.
- The pair is up more than 5% and bulls could target further upside above $2,100.
Ethereum price turns green
Ethereum price remained above the $1,930 support level after a steady decline following the Binance settlement report. ETH formed a base and began a strong rise above the $2,000 resistance.
On the hourly chart of ETH/USD, a breakout occurred above a major bearish trendline with resistance near $1,980. The pair showed strength and broke above the $2,020 resistance level. It rose more than 5% and outperformed Bitcoin. It last tested the $2,100 zone.
A high was made near $2,092 and Ethereum is now consolidating gains. It is testing the 23.6% Fib retracement level from the $1,930 swing low to the $2,092 high.
This is well above $2,020 and the 100-hour simple moving average. On the other hand, the price is finding resistance around $2,080. The first major resistance is near the $2,120 level. A clear break above the $2,120 level could trigger another strong rally.
Source: ETHUSD on TradingView.com
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.
Fixing another shortcoming of ETH?
If Ethereum fails to clear the $2,120 resistance, a new downtrend could begin. Initial support for the downside is near the $2,050 level. The next major support is the 50% Fib retracement level at $2,000 or the rise from the $1,930 swing low to the $2,092 high.
Key support is currently near $1,980. A decline below the $1,980 support could lead to further losses. If indicated, Ethereum may decline towards the $1,920 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 – $2,000
Key Resistance Level – $2,120