ethereum price remained well bid above the $2,020 level. eth is now rising and the bulls seem to be targeting a move towards the $2200 level.
- ethereum is making a fresh attempt to break through the $2,100 and $2,120 resistance levels.
- The price is trading above $2,050 and the 100 hourly simple moving average.
- There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $2,120 resistance zone.
ethereum price regains strength
ethereum price started a downward correction below the $2,050 level. eth tested the $2,020 support, where the bulls took a position. A low was formed near $2,019 before the price rose further, like bitcoin.
The price broke through the $2,050 resistance zone. There was a break above a major contraction triangle with resistance near $2,055 on the hourly chart of eth/USD. The pair rose above the 50% Fibonacci retracement level of the downward move from the high of $2,126 to the low of $1,986.
ethereum is now trading above $2,050 and the 100 hourly simple moving average. On the upside, the price faces resistance near the $2,095 zone or the 76.4% Fibonacci retracement level of the downward move from the high $2,126 to the low $1,986.
The first key resistance is near the $2,100 level. The next resistance is located at $2,120. A clear move above the $2,120 level could send the price towards the $2,200 resistance zone.
<img decoding="async" class="alignnone size-full wp-image-563354" src="https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum.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 next resistance is near $2,250, above which the price could point to a move towards the $2,320 level. Any further gains could start a wave towards the $2,440 level.
Another drop in eth?
If ethereum fails to overcome the $2,100 resistance, it could start another decline. Initial support on the downside is near the $2,055 level. The next key support is $2,040.
The main support is now near $2,000. A break below $2,000 could start a steady decline. Key support is now at $1,920, below which there is a risk of a move towards the $1,880 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,050
Main Resistance Level: $2,120
