Ethereum price remained above the $2,020 level. ETH is currently rising and the bulls appear to be targeting a move towards the $2,200 level.
- Ethereum is making new attempts to clear the $2,100 and $2,120 resistance levels.
- The price is trading above $2,050 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break occurred above a major contraction triangle with resistance near $2,055.
- A break above the $2,120 resistance area could provide bullish momentum.
Ethereum price gains strength again
Ethereum price began a downward correction below the $2,050 level. ETH tested the $2,020 support, where the bulls took a stance. Like Bitcoin, a low was formed near $2,019 before the price rose further.
The price broke the $2,050 resistance zone. On the hourly chart of ETH/USD, a breakout occurred above a major contraction triangle with resistance near $2,055. The pair moved down from the $2,126 swing high to the $1,986 low, breaking above the 50% Fib retracement level.
Ethereum is currently trading above $2,050 and the 100-hour simple moving average. On the upside, the price is facing resistance near the $2,095 area or the 76.4% Fib retracement of the downward move from the $2,126 swing high to the $1,986 low.
The first major resistance is near the $2,100 level. The next resistance level is $2,120. A clear break above the $2,120 level could cause the price to move towards the $2,200 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,250, if it breaks above it could target an advance towards the $2,320 level. Any more gains could start a wave towards the $2,440 level.
Another decline in ETH?
If Ethereum fails to clear the $2,100 resistance, another decline could begin. Initial support for the downside is near the $2,055 level. The next major support is at $2,040.
Currently, the main support amount is closer to $2,000. A break below $2,000 could begin a steady decline. The main support level is currently at $1,920, and a break below this level could lead to a near-term decline towards the $1,880 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,050
Key Resistance Level – $2,120