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Home»Analysis»Ethereum Price Overcomes Hurdle: A Strengthening Case for More Benefits
Analysis

Ethereum Price Overcomes Hurdle: A Strengthening Case for More Benefits

2023-11-21No Comments3 Mins Read
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Ethereum price started to rise again above the USD 1,950 resistance. ETH is consolidating and could aim for a move above the USD 2,070 resistance.

  • Ethereum remained stable and started a new increase above the USD 1,950 level.
  • The price is trading above $2,000 and the 100-hourly Simple Moving Average.
  • There was a break above a major bearish trendline with resistance around $2,010 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise unless there is a break below the $1,985 support.

Ethereum price expects more gains

After forming a base above the $1,900 level, the price of Ethereum started a significant increase. ETH, like Bitcoin, was able to surpass the USD 1,950 and USD 1,960 resistance levels.

The price even climbed above the $2,000 level and the 100-hourly Simple Moving Average. Additionally, there was a break above a major bearish trendline with resistance around $2,010 on the hourly chart of ETH/USD. It made a high near $2,068 and the price is now consolidating gains.

It was trading below the 23.6% Fib retracement level of the recent rise from the $1,905 swing low to the $2,068 high. However, Ethereum is still above $2,000 and the 100-hourly Simple Moving Average.

Ethereum price

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,050 zone. The first major resistance is near the $2,070 level. A clear move above the USD 2,070 level could lead to bullish moves. The next resistance is near USD 2,120, above which the price could aim for a move towards the USD 2,200 level. Any further gains could trigger a wave towards the $2,250 level.

See also  Bitcoin Price Bullish Streak is taking a break, but the bulls aren't done yet

Are dips restricted in ETH?

If Ethereum fails to clear the USD 2,070 resistance, it could trigger another decline. Initial downside support is near the $2,000 level and the 100-hour Simple Moving Average.

The next major support is $1,985 or the 50% Fib retracement level of the recent rise from the $1,905 swing low to the $2,068 high. The main support is $1,965. A downward break below the $1,965 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,905 support zone in the short term.

Technical indicators

hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Major support level – $1,985

Major resistance level – $2,070

Source link

Benefits case Ethereum Hurdle Overcomes Price strengthening
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