Ethereum price started a new rally from $1,950. $ETH is currently consolidating gains and could aim for further gains above $2,050.
- Ethereum has started a new rally above the $1,920 zone.
- The price is trading above $1,950 and the 100-hour simple moving average.
- On the hourly chart, there is a significant uptrend channel forming with support at $1,960. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,090 zone, the decline could begin again.
Ethereum price eyes new gains
Ethereum price managed to form a base and traded above the $1,920 resistance, similar to Bitcoin. $ETH The price rebounded above the $1,960 and $2,000 resistance levels.
The bulls pushed the price above $2,050. A high was formed at $2,089 before the downside correction occurred. Price fell below $2,020, below the 38.2% Fib retracement level that rose from a swing low of $1,835 to a high of $2,089 before the bulls emerged.
Ethereum price is currently trading above $1,960 and its 100-hour simple moving average. Additionally, a significant ascending channel has formed with support at $1,960 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $1,960, the price could try to move higher. Immediate resistance appears to be around $2,040. The first major resistance level is near the $2,080 level. The next major resistance level is near the $2,120 level. A clear break above the $2,120 resistance could send the price heading towards the $2,155 resistance. A break above the $2,155 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,220 resistance zone and even $2,250 in the short term.
Lower price continues in $ETH?
If Ethereum fails to break through the resistance at $2,080, a fresh decline could begin. The first support on the downside is near the $1,990 level. The first major support lies near the $1,960 zone, or the 50% Fib retracement level of the swing low of $1,835 to the high of $2,089.
A clear move below the $1,960 support could push the price towards the $1,930 support. Any further losses could send the price towards the $1,880 area. The main support could be at $1,840.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $1,960
High resistance level – $2,080
