ethereum price rose more than 10% and surpassed the $2,000 resistance. eth is outperforming bitcoin and could rise further towards the $2,200 resistance.
- ethereum rose above the $2,000 and $2,050 levels.
- The price is trading above $2,050 and the 100 hourly simple moving average.
- A short-term ascending channel is forming with support near $2,115 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue rising towards the $2,200 resistance in the near term.
ethereum price regains strength
In the last 2 or 3 analyses, we discussed the high chances of ethereum rising towards the $2,000 level. eth started a strong rise and overcame many obstacles near $1,920.
It even broke through the $2,000 resistance, outperforming bitcoin. It is up more than 10% and is consolidating near $2,125. A new multi-week high forms near $2,137 and the price is now showing more positive signs. There is also a short-term ascending channel forming with support near $2,115 on the hourly chart of eth/USD.
It is trading above $2,050 and the 100 hourly simple moving average. The price is also above the 23.6% Fibonacci retracement level of the recent rally from the low of $1,905 to the high of $2,137.
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Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,135 level. The next major resistance lies at $2,150, above which the price could accelerate further. In the given case, the price could rally towards the resistance at $2200. The next key resistance is near $2250, above which the price could aim for a move towards the $2320 level.
Buy dips in eth?
If ethereum fails to overcome the $2,135 resistance, it could start a downward correction. Initial support on the downside is near the $2,115 level and the channel trend line.
The next key support is $2,080. Primary support lies at $2,000 or the 61.8% Fibonacci retracement level of the recent rally from the low of $1,905 to the high of $2,137. A downside break below the $2,000 support could trigger bearish moves. In the indicated case, Ether could fall towards the 100 hourly simple moving average or even $1,920 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: $2,080
Main Resistance Level: $2,150
