Ethereum price is struggling to gain strength above $2,100. ETH is consolidating above $2,000 and could spark another surge if it clears $2,100.
- Ethereum is showing positive signals above the $2,000 support zone.
- The price is trading above USD 2,010 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,090 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it breaks the $2,100 resistance zone in the near term.
Ethereum price remains in uptrend
After forming a base, Ethereum price made another attempt to clear the USD 2,100 resistance. However, ETH failed to gain bullish momentum and pared all gains, just like Bitcoin.
There was a move below the USD 2,050 level and the price peaked below the 100-hourly Simple Moving Average. However, the bulls were active above the USD 2,030 level. A low is formed near USD 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 is facing resistance near the $2,075 level or the 50% Fib retracement level from the recent decline from the $2,118 swing high to the $2,031 low.
The next major resistance is at $2,100. There is also a connecting bearish trendline forming with resistance around $2,090 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
A close above the trendline and $2,100 could send the price further up towards the $2,150 zone. The next major resistance is near USD 2,220, above which the price could aim for a move towards the USD 2,300 level. Any further gains could trigger a wave towards the $2,450 level.
Another bearish wave in ETH?
If Ethereum fails to clear the USD 2,100 resistance, it could trigger another decline. Initial downside support is near the $2,030 level and the 100-hourly Simple Moving Average.
The next major support is $2,000. A downward break below the $2,000 support could trigger a sharp decline. 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 – $2,100
