Ethereum Price Aims for $2,150 Again as Bulls Seek Breakout Confirmation

Ethereum Price Targets $2,150 Again

Ethereum has launched a new upward movement from $1,950 and is currently consolidating its gains, with hopes of pushing above $2,050.

Key Takeaways

Ethereum has started to rise above the $1,920 resistance level, similar to Bitcoin.
Currently, it is trading above $1,950 and the 100-hour Simple Moving Average.
A significant rising channel is forming with support located at $1,960 on the hourly ETH/USD chart.
If Ethereum fails to break past the $2,090 area, a decline may begin.

Ethereum's Price Looks to Gain Further

Ethereum's price has established a solid base, moving above the significant resistance level of $1,920. It has successfully surged above the resistance marks of $1,960 and $2,000. The bulls managed to drive the price beyond $2,050, achieving a peak at $2,089 before a slight correction occurred. Following this, the price dipped below $2,020 and crossed beneath the 38.2% Fibonacci retracement level of the rise from the swing low of $1,835 to its peak at $2,089.

Presently, Ethereum is trading above the $1,960 mark and the 100-hour Simple Moving Average. An important rising channel is also developing with support set at $1,960 in the hourly ETH/USD chart.

Ethereum Price Chart

Source: ETHUSD on TradingView.com

If the bulls remain active above $1,960, there's potential for further price increases. Immediate resistance can be found near the $2,040 level. The first key resistance is around $2,080, while the next major barrier stands at $2,120. A decisive movement above the $2,120 resistance could push the price toward $2,155. If Ethereum breaks above this region, it may lead to increased gains in the following days. In that scenario, Ether could rise towards the $2,220 resistance zone or even reach $2,250 soon.

What if Ethereum Declines?

Should Ethereum fail to overcome the $2,080 resistance, it may trigger a new downturn. Initial support to monitor on the downside lies near the $1,990 level. The first significant support appears around the $1,960 punctuated by the 50% Fibonacci retracement level from the upward motion that started at $1,835 and peaked at $2,089.

If the price makes a decisive move below the $1,960 support, it may lead to a drop toward the $1,930 support. Further losses could result in prices plummeting toward the $1,880 region, with major support potentially resting at $1,840.

Technical Indicators

Hourly MACD: Currently losing momentum within the bullish range.
Hourly RSI: Remains above the 50 threshold, indicating potential of additional gains.

Major Support Level: $1,960
Major Resistance Level: $2,080