Ethereum price remained well-bid after it settled above the $2,000 level. ETH gained bullish momentum and cleared the $2,120 resistance.
The bulls even pumped it above the $2,200 level, like Bitcoin above $41,000.
A new multi-month high was formed near $2,229 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high.
There is also a connecting bullish trend line forming with support near $2,190 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,180 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,220 zone.
The first key resistance is near the $2,250 level. The next resistance sits at $2,320. A clear move above the $2,320 level could send the price toward the $2,450 resistance zone.
The next resistance is near $2,500, above which the price could aim for a move toward the $2,650 level. Any more gains could start a wave toward the $2,800 level.
Read Also: Ethereum Network Destroys Over 105,000 ETH in One Month
Are Dips Supported in ETH?
If Ethereum fails to clear the $2,220 resistance, it could start a downside correction. Initial support on the downside is near the $2,190 level and the trend line.
The next key support is $2,165 or the 76.4% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. The main support is now near $2,120. A downside break below $2,120 might start a steady decline. The key support is now at $2,050, below which there is a risk of a move toward the $2,000 level in the near term.
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 level.
- Major Support Level – $2,165
- Major Resistance Level – $2,220
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