ethereum price rose steadily and surpassed the $2,000 resistance. eth is consolidating above $2,000 and could start a new rise towards $2,120.
- ethereum rose above the $2,000 and $2,050 levels before correcting lower.
- The price is trading above $2,020 and the 100 hourly simple moving average.
- A key descending channel is forming with support near $2,000 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could start a new rise if it breaks the $2,085 resistance zone in the near term.
ethereum Price Holds Support
Last week, we saw a sharp rise in ethereum above the $2,000 level. eth outperformed bitcoin and cleared many hurdles near the $2,050 level.
It traded at a new multi-week high of $2,137 before a downward correction occurred. The price fell below the $2,080 level. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $1,906 to the high of $2,137.
ethereum is still trading above $2,020 and the 100 hourly simple moving average. There is also a key descending channel forming with support near $2,000 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance lies at $2,085, above which the price could accelerate further. In the indicated case, the price could rise towards the resistance of $2,120. The next key resistance is near $2,150, above which the price could point to a move towards the $2,200 level.
More losses on eth?
If ethereum fails to overcome the $2,085 resistance, it could continue down. Initial support on the downside is near the $2,025 level and the 100 hourly simple moving average. It is close to the 50% Fibonacci retracement level of the upward move from the low of $1,906 to the high of $2,137.
The next key support is $2,000 and the channel zone. A downside break below the $2,000 support could trigger bearish moves. In the indicated case, Ether could fall towards the $1,930 support zone in the short term. Any further losses could lead to a fall towards the $1,850 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2000
Main Resistance Level: $2,085
