Ethereum, the second-largest cryptocurrency by market capitalization, has shown signs of bullish momentum. After forming a base above the $1,900 level, Ethereum price started a decent increase. It was able to surpass the $1,950 and $1,960 resistance levels, similar to Bitcoin. Currently, the price is consolidating above the $2,000 mark.
One positive development for Ethereum is the break above a major bearish trend line with resistance near $2,010 on the hourly chart of ETH/USD. This breakout signals a bullish trend and indicates a potential upward movement. Additionally, the price is trading above the 100-hourly Simple Moving Average, further supporting the bullish sentiment.
As Ethereum continues its upward trajectory, it faces immediate resistance near the $2,050 zone. The first significant resistance level is at $2,070. A clear move above this level would ignite further bullish momentum. If the price manages to surpass $2,070, the next resistance is near $2,120. Breaking above this level could open doors for a potential move towards the $2,200 zone. Further gains might push the price towards the $2,250 mark.
In case Ethereum fails to clear the $2,070 resistance, a fresh decline could be on the horizon. The initial support on the downside is near the $2,000 level and the 100-hourly Simple Moving Average. The next significant support level is $1,985, which represents the 50% Fib retracement level of the recent increase from the $1,905 swing low to the $2,068 high. The main support is located at $1,965. A downside break below this level might lead to further losses. If the price continues to decline, it could drop towards the $1,905 support zone in the near term.
Analyzing the technical indicators for Ethereum, the MACD for ETH/USD is losing momentum in the bullish zone. This indicates a potential slowdown in the upward movement. However, the RSI for ETH/USD is now above the 50 level, suggesting that there is still room for further upside.
Ethereum’s price has gained positive momentum and is currently consolidating above $2,000. The break above a major bearish trend line and trading above the 100-hourly Simple Moving Average indicate a potential upward move. However, the price faces resistance near the $2,070 level. If Ethereum manages to surpass this resistance, it could target higher levels such as $2,120 and $2,250. On the other hand, failure to clear the $2,070 resistance might initiate a fresh decline towards the $1,965 and $1,905 support levels. Traders and investors should closely monitor these key levels and pay attention to the indicators for further insights into Ethereum’s price movement.
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