ethereum price is struggling to gain strength above $2,100. eth is consolidating above $2,000 and could start a new rise if it surpasses $2,100.
- ethereum is showing positive signs above the $2,000 support zone.
- The price is trading above $2,010 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,090 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh rise if it breaks the $2,100 resistance zone in the near term.
ethereum price remains in an uptrend
After forming a base, ethereum price made another attempt to break above the $2,100 resistance. However, eth failed to gain bullish momentum and pared all gains, just like bitcoin.
There was a move below the $2,050 level and the price spiked below the 100 hourly simple moving average. However, the bulls remained active above the $2,030 level. A low is formed near $2,031 and the price is now moving higher.
ethereum is now trading above $2,040 and the 100 hourly simple moving average. On the upside, the price faces resistance near the $2,075 level or the 50% Fibonacci retracement level of the recent decline from the high of $2,118 to the low of $2,031.
The next major resistance is at $2,100. There is also a connecting bearish trend line forming with resistance near $2,090 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
A close above the trend line and $2,100 could push the price further towards the $2,150 zone. The next key resistance is near $2,220, above which the price could point to a move towards the $2,300 level. Any further gains could start a wave towards the $2,450 level.
Another bearish wave on eth?
If ethereum fails to overcome the $2,100 resistance, it could start a new decline. Initial support on the downside is near the $2,030 level and the 100 hourly simple moving average.
The next key support is $2,000. A downside break below the $2,000 support could start a sharp decline. 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: $2,100
