Ethereum price started a major rally above the USD 2,020 resistance. ETH is now consolidating gains and could target another surge above $2,050.
- Ethereum started a new upward move above the $1,980 zone.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- A new bearish trendline is forming with resistance at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,080 zone.
Ethereum price drops in support
Ethereum price managed to form a base and, like Bitcoin, traded above the USD 1,950 resistance. ETH price rose above the USD 2,020 and USD 2,050 resistance levels.
The bulls even pumped the price above $2,120. It reached a high of $2,158 before a downward correction. The price fell below $2,000 and tested the 50% Fib retracement level of the upward move from the $1,792 swing low to the $2,158 high before the bulls appeared.
Ethereum price is now trading above $2,020 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,975, the price could rise again. Immediate resistance is seen near the $2,040 level and the trendline.
The first major resistance is near the $2,080 level. The next major resistance is around the $2,120 level. A clear move above the USD 2,120 resistance could send the price towards the USD 2,155 resistance. An upside break above the $2,155 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,220 or even USD 2,250 resistance zone in the short term.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 2,040 resistance, it could trigger another decline. The initial downside support is near the $2,000 level. The first major support is near the $1,975 zone.
A clear move below the $1,975 support could push the price towards the $1,935 support or the 61.8% Fib retracement level of the upward move from the $1,792 swing low to the $2,158 high. Any further losses could send the price towards $1,900. The main support could be at USD 1,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $1,975
Major resistance level – $2,080