Ethereum is still struggling to increase the pace above $2000 against the US dollar. ETH price is still below the 100-hour SMA, while Bitcoin is above $35,000.
- Ethereum is still struggling to surpass the $2,050 and $2,060 resistance levels.
- The price is trading near the $2000 mark and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must cross $2000 and $2,050 to start a strong bullish move in the near term.
Ethereum price faces resistance
Ethereum remained strong above the $1,850 level and rose. more important, Bitcoin The bulls got rid of the 100-hour simple moving average, and opened the doors to a move above $35,000.
However, ETH price is still facing resistance near 100 SMA every hour And the area of 2000 dollars. There was a break above the 50% Fib retracement level of the major decline from the $2,283 swing high to $1,700.
There was also a break above the major downtrend line with resistance near $1,950 on the hourly chart of ETH/USD. The pair is now consolidating near the $2000 area. The next major resistance is near the $2,050 level. It is close to the 61.8% Fib retracement level of the major decline from the $2,283 swing high to $1,700.
Source: ETHUSD on TradingView.com
A clear bullish break above the $2000 level and then $2050 could open the doors for further upside. The next major resistance is near the $2,150 area. Any further gains could set the pace for a move towards the $2300 level. Intermediate resistance could be near the $2,250 level.
A new drop in ETH?
If Ethereum fails to break above the $2000 and $2,050 resistance levels, it may start a new low. There is initial support on the downside near the $1900 level.
The first major support is now forming near the $1,850 level. A downside breakout below the $1,850 area may bring the price down even more. In the mentioned case, the price may move further towards the $1700 level.
MACD per hour – ETH/USD’s MACD is struggling to advance into bearish territory.
Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level.
Key Support Level – $1,850
Key Resistance Level – $2,050