Ethereum price started a fresh increase from $1,950. ETH is now consolidating gains and might aim for another increase above $2,050.
- Ethereum started a fresh upward move above the $1,920 zone.
- The price is trading above $1,950 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,090 zone.
Ethereum Price Eyes Fresh Gains
Ethereum price managed to form a base and traded above the $1,920 resistance, like Bitcoin. ETH price rallied above the $1,960 and $2,000 resistance levels.
The bulls even pumped the price above $2,050. A high was formed at $2,089 before there was a downside correction. The price dipped below $2,020 and the 38.2% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high before the bulls appeared.
Ethereum price is now trading above $1,960 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $1,960 on the hourly chart of ETH/USD.
If the bulls remain in action above $1,960, the price could attempt another increase. Immediate resistance is seen near the $2,040 level. The first key resistance is near the $2,080 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,155 resistance. An upside break above the $2,155 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,220 resistance zone or even $2,250 in the near term.
Downside Continuation In ETH?
If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $1,990 level. The first major support sits near the $1,960 zone or the 50% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high.
A clear move below the $1,960 support might push the price toward the $1,930 support. Any more losses might send the price toward the $1,880 region. The main support could be $1,840.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,960
Major Resistance Level – $2,080