Ethereum price started a fresh rise above the $1,950 resistance. ETH is consolidating and could aim to surpass the $2,070 resistance.
- Ethereum remained stable and started a new rise above the $1,950 level.
- The price is trading above $2,000 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $2,010 on the hourly chart of ETH/USD (data via Kraken).
- The pair could continue to rise unless there is a break below the $1,985 support.
Ethereum Price Sees More Gains
After forming a base above the $1,900 level, Ethereum price started a decent rise. ETH was able to overcome the $1,950 and $1,960 resistance levels, as was Bitcoin.
The price even rose above the $2,000 level and the 100 hourly simple moving average. Additionally, there was a break above a major downtrend line with resistance near $2,010 on the hourly chart of ETH/USD. A high was formed near $2,068 and the price is now consolidating gains.
It traded below the 23.6% Fibonacci retracement level of the recent rise from the low of $1,905 to the high of $2,068. However, Ethereum is still above $2,000 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
On the upside, the price faces resistance near the $2,050 zone. The first key resistance is near the $2,070 level. A clear move above the $2,070 level could trigger bullish moves. The next resistance is near $2,120, above which the price could aim for a move towards the $2,200 level. Any further gains could start a wave towards the $2,250 level.
Are drops in ETH limited?
If Ethereum fails to overcome the $2,070 resistance, it could start a new decline. Initial support on the downside is near the $2,000 level and the 100 hourly simple moving average.
The next key support is $1,985 or the 50% Fibonacci retracement level of the recent rise from the low of $1,905 to the high of $2,068. The main support is $1,965. A downside break below the $1,965 support could trigger further losses. In the indicated case, Ether could fall towards the $1,905 support zone in the short term.
Technical Indicators
MACD hourly – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Main Support Level: $1,985
Main resistance level: $2,070
