Ethereum’s value has witnessed a noteworthy rally, initiating a fresh ascent beyond the $1,950 resistance mark. The digital currency is currently experiencing a period of consolidation, potentially setting its sights on the higher resistance level of $2,070.
In a show of resilience, Ethereum established a steady base and climbed over the $1,950 threshold. Presently, the cryptocurrency is being traded above the significant $2,000 milestone, also surpassing the 100-hourly Simple Moving Average, signifying a steady bullish presence in the market.
A notable development was Ethereum’s break through a major bearish trend line, which was situated near $2,010 on the hourly chart of the ETH/USD pair, sourced via Kraken. This surge led to the creation of a peak around $2,068, and at this juncture, the price appears to be consolidating the gains it accrued.
Despite a temporary dip below the 23.6% Fib retracement level from the recent spike, ascending from a $1,905 swing low to a high of $2,068, the value of Ethereum remains comfortably stationed above $2,000 and the benchmark 100-hourly Simple Moving Average.
In the foreseeable upside scenario, Ethereum confronts a resistance near the $2,050 region. The pivotal resistance is poised at the $2,070 mark. Should Ethereum navigate past this boundary, it could ignite a bullish fervor, potentially leading to resistance near $2,120. Surpassing this level might project Ethereum’s price trajectory towards the enticing $2,200 mark, and further upward movement could propel it to an even more ambitious target of $2,250.
Conversely, if Ethereum stumbles at the $2,070 resistance, it may retract and initiate a fresh decline. The initial support in such a downturn lies at the $2,000 level, backed by the 100-hourly Simple Moving Average. A more significant support benchmark awaits at $1,985, correlating with the 50% Fib retracement level from the aforementioned surge.
The most crucial support level is set at $1,965. Should Ethereum plummet below this anchor, it may face further setbacks, potentially sliding towards the $1,905 support zone in the short term.
Observing the technical indicators, the Hourly MACD suggests a diminishing bullish momentum for ETH/USD. Meanwhile, the Hourly RSI remains stationed above the neutral 50 level.
Major support is currently anchored at $1,985, while the upper echelon of resistance is held at $2,070. These levels serve as critical indicators for Ethereum’s potential price trajectory in the sessions to come.
