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Home»EXCHANGE NEWS»Ethereum price forms a bullish pattern and why ETH could extend its bounce
EXCHANGE NEWS

Ethereum price forms a bullish pattern and why ETH could extend its bounce

By Crypto FlexsNovember 24, 20232 Mins Read
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Ethereum price forms a bullish pattern and why ETH could extend its bounce
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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

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