Ethereum price broke the $1,950 resistance level and started a new rise. ETH is consolidating and could target a move above the $2,070 resistance.
- Ethereum remained stable and began a new rise above the $1,950 level.
- The price is trading above $2,000 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 $2,010.
- Unless a break occurs below the $1,985 support, the pair may continue to rise.
Ethereum price gains more.
After forming a base above the $1,900 level, the price of Ethereum began a significant rise. ETH, like Bitcoin, was able to break above the $1,950 and $1,960 resistance levels.
The price even surpassed the $2,000 level and the 100-hour simple moving average. Additionally, a breakout occurred above a key bearish trendline with resistance near $2,010 on the ETH/USD hourly chart. The highest price was reached around $2,068 and the price continues to rise.
It has been trading below the 23.6% Fib retracement level from the recent $1,905 swing low to $2,068 high. However, Ethereum is still above $2,000 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
Meanwhile, the price is finding resistance near $2,050. The first major resistance is near the $2,070 level. A clear break above the $2,070 level could trigger a bullish move. The next resistance level is near $2,120, if it breaks above it could target an advance towards the $2,200 level. Any more gains could start a wave towards the $2,250 level.
Are Dips limited to ETH?
If Ethereum fails to clear the $2,070 resistance, a new downtrend could begin. Initial support on the downside is near the $2,000 level and the 100-hourly simple moving average.
The next major support is the 50% Fib retracement level at $1,985 or the recent increase from the $1,905 swing low to the $2,068 high. The main assistance amount is $1,965. A decline below the $1,965 support could result in further losses. If indicated, Ethereum may decline towards the $1,905 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 – $1,985
Key Resistance Level – $2,070