The price of Ethereum started a new growth from $ 1,950. ETH is now consolidating gains and could target a further rally above $2,050.
- Ethereum started a new up move from the $1,920 area.
- The price is trading at $1,950 and above the 100-hourly moving average.
- There is a key bullish channel forming with support at $1,960 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new downtrend if it stays below the $2,090 zone.
Ethereum price eyes fresh profit
Ethereum price was able to form a base and trade above the $1,920 resistance, just like Bitcoin. ETH price broke above the $1,960 and $2,000 resistance levels.
The bulls even pushed the price above $2050. Before there was a negative correction, the high level was formed at $2,089. The price broke down from $2,020 and the 38.2% Fib retracement level that rose from $1,835 to $2,089 before bulls appeared.
Ethereum price is currently trading above $1,960 and the 100-hour Simple Moving Average. There is also a key bullish channel forming with support at $1,960 on the hourly chart of ETH/USD.
If the bulls stay active above $1,960, the price may attempt another rally. Immediate resistance is seen near the $2,040 level. The first key resistance is near the $2,080 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance could send the price to the $2,155 resistance. An upper break in the $2,155 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2220 or even $2250 in the near future.
Continued negative ETH?
If Ethereum fails to clear the $2,080 resistance, it may start a new decline. Initial support on the downside is near the $1,990 level. The first major support is located near the $1,960 area or the 50% Fib retracement level on the upward move from the low swing of $1,835 to $2,089.
A clear move supported by $1,960 could push the price to $1,930. Any further losses could send the price to the $1,880 zone. Key support could be $1,840.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
The main support level is $1,960
The main resistance level is $2,080
