Ethereum’s price has experienced a fresh increase, surpassing the $1,950 resistance level and consolidating its gains. With the price currently trading above $2,000 and the 100-hourly Simple Moving Average, Ethereum shows signs of stability and a promising outlook for future growth.
One notable development is the break above a major bearish trend line, previously resistant near $2,010, as witnessed on the hourly chart of ETH/USD (data feed via Kraken). This breakthrough brings further optimism to Ethereum’s performance and its potential for further upward movement.
While the price of Ethereum appears to be on an upward trajectory, it currently faces resistance in the $2,050 zone. The first key resistance lies near the $2,070 level, and a clear move above this level could trigger bullish momentum. If Ethereum manages to surpass subsequent resistance levels, such as $2,120 and $2,200, it could potentially reach the $2,250 mark, marking a significant milestone for the cryptocurrency.
However, failure to break the $2,070 resistance could lead to a fresh decline. Initial support can be found near the $2,000 level and the 100-hourly Simple Moving Average, which act as crucial levels to ensure Ethereum’s price stability. The subsequent support lies at $1,985, which corresponds to the 50% Fib retracement level of the recent increase from the $1,905 swing low to the $2,068 high. The main support level rests at $1,965, and a break below this level might trigger further losses, potentially causing a drop towards the $1,905 support zone in the near term.
Examining the technical indicators, the MACD for ETH/USD reveals a loss of momentum within the bullish zone. Meanwhile, the hourly RSI for ETH/USD has surpassed the 50 level, signifying a positive sentiment and potential further upward movement.
Ethereum’s recent price surge has instilled confidence among investors, indicating the cryptocurrency’s resilience and potential for growth. While facing immediate resistance levels, Ethereum has successfully broken bearish trends, showcasing its strength in the market. However, caution is advised, as failure to overcome these resistance levels could result in a downward trend. Traders and investors should closely monitor support levels and technical indicators to gauge Ethereum’s future performance accurately.
