ethereum price rose above $2,050. eth is now consolidating gains and could soon aim for another rally towards the $2,150 level.
- ethereum is consolidating and faces resistance near the $2,080 area.
- The price is trading above $2,030 and the 100 hourly simple moving average.
- A short-term contracting triangle is forming with resistance near $2,080 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its rally if it breaks the $2,080 and $2,090 resistance levels.
ethereum price remains firm
ethereum price started a sharp rise above the $2,000 resistance zone. eth outperformed bitcoin yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels.
A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price fell below the 23.6% Fibonacci retracement level of the ascending wave from the low of $1,930 to the high of $2,092.
ethereum is still well above $2,030 and the 100 hourly simple moving average. On the upside, the price faces resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of eth/USD.
<img decoding="async" class="alignnone size-full wp-image-562229" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-18.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price towards the $2,150 resistance zone. The next resistance is near $2,200, above which the price could point to a move towards the $2,250 level. Any further gains could start a wave towards the $2,320 level.
Another drop in eth?
If ethereum fails to overcome the $2,080 resistance, it could start a new decline. Initial support on the downside is near the $2,055 level and the triangle trend line.
The next key support is $2,010 or the 50% Fibonacci retracement level of the ascending wave from the low of $1,930 to the high of $2,092. Key support is now at $1,975. A downside break below the $1,975 support could trigger further losses. In the indicated case, Ether could fall towards the $1,930 support zone in the short term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,055
Main Resistance Level: $2,080
