Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone.
- Ethereum started a fresh surge above the $2,000 resistance.
- The price is trading above $2,120 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it breaks the $2,250 resistance level.
Ethereum Price Surges Above $2,000
Ethereum price remained supported and started a fresh increase above $1,880, beating Bitcoin. ETH gained pace for a move above the $1,950 resistance zone.
The bulls were able to push the price above the $2,000 resistance zone. The price gained over 25% and recently surpassed the $2,200 resistance zone. A high was formed at $2,241 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,752 swing low to the $2,241 high.
Ethereum price is now trading above $2,200 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2,150 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,240 level. The next key resistance is near the $2,250 level. The first major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,150 zone and the trend line.
A clear move below the $2,150 support might push the price toward the $2,075 support. Any more losses might send the price toward the $2,020 support level in the near term. The next key support sits at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,150
Major Resistance Level – $2,250
