Ethereum price started to rise again above the USD 1,950 resistance. ETH is consolidating and could aim for a move above the USD 2,070 resistance.
- Ethereum remained stable and started a new increase above the USD 1,950 level.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance around $2,010 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise unless there is a break below the $1,985 support.
Ethereum price expects more gains
After forming a base above the $1,900 level, the price of Ethereum started a significant increase. ETH, like Bitcoin, was able to surpass the USD 1,950 and USD 1,960 resistance levels.
The price even climbed above the $2,000 level and the 100-hourly Simple Moving Average. Additionally, there was a break above a major bearish trendline with resistance around $2,010 on the hourly chart of ETH/USD. It made a high near $2,068 and the price is now consolidating gains.
It was trading below the 23.6% Fib retracement level of the recent rise from the $1,905 swing low to the $2,068 high. However, Ethereum is still above $2,000 and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,050 zone. The first major resistance is near the $2,070 level. A clear move above the USD 2,070 level could lead to bullish moves. The next resistance is near USD 2,120, above which the price could aim for a move towards the USD 2,200 level. Any further gains could trigger a wave towards the $2,250 level.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 2,070 resistance, it could trigger another decline. Initial downside support is near the $2,000 level and the 100-hour Simple Moving Average.
The next major support is $1,985 or the 50% Fib retracement level of the recent rise from the $1,905 swing low to the $2,068 high. The main support is $1,965. A downward break below the $1,965 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,905 support zone in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,985
Major resistance level – $2,070
