Ethereum price rose steadily and surpassed the USD 2,000 resistance. ETH is consolidating above USD 2,000 and could start a new increase towards USD 2,120.
- Ethereum rose above the USD 2,000 and USD 2,050 levels before correcting lower.
- The price is trading above USD 2,020 and the 100-hourly Simple Moving Average.
- A major 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
This past week we saw a strong rise in Ethereum above the $2,000 level. ETH outperformed Bitcoin and overcame many hurdles around the $2,050 level.
It traded to a new multi-week high at $2,137 before a downward correction. The price fell below the USD 2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.
Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. A major descending channel is also forming with support near $2,000 on the hourly chart of ETH/USD.
Source: 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 is at $2,085, above which the price could accelerate higher. In the mentioned case, the price could rise towards the USD 2,120 resistance. The next major resistance is near USD 2,150, above which the price could aim for a move towards the USD 2,200 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,085 resistance, it could continue falling. Initial downside support is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.
The next major support is USD 2,000 and the channel zone. A downward break below the $2,000 support could lead to bearish moves. In the mentioned case, Ether could fall towards the $1,930 support zone in the short term. Further losses could require a decline towards the USD 1,850 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,000
Major resistance level – $2,085
