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Home»EXCHANGE NEWS»Has ETH growth just begun after the 5% surge?
EXCHANGE NEWS

Has ETH growth just begun after the 5% surge?

By Crypto FlexsNovember 24, 20232 Mins Read
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Has ETH growth just begun after the 5% surge?
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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

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