News/NewsBTC/Ethereum Price Nudges Towards Breakout—Could it Ignite a Momentum Shift?
Ethereum’s price has initiated a recovery surge, pushing past the $1,880 region. Currently, ETH is consolidating and meeting challenges near the $2,020 resistance level.
The cryptocurrency kickstarted a recovery surge above the $1,920 mark. However, it is still trading below $1,950 and the 100-hourly Simple Moving Average. A short-term rising channel is taking shape, with a support level at $1,980 on the hourly ETH/USD chart (sourced from Kraken).
For a significant increase to start, the pair must overcome the $2,020 and $2,040 resistance levels.
After establishing a base above $1,820, Ethereum’s price began its recovery wave, mirroring Bitcoin. ETH succeeded in surpassing the $1,880 and $1,920 resistance levels.
Bullish forces propelled the price above $1,950. This was followed by a rise above the 50% Fib retracement level of the downward wave from the $2,068 peak to the $1,936 trough. However, bearish activity is noticeable near the $2,020 resistance zone.
Ethereum’s price is currently trading below $1,950 and the 100-hourly Simple Moving Average. A short-term rising channel, with support at $1,980, is forming on the ETH/USD hourly chart.
On the upside, the price seems to be encountering barriers near the $2,020 level. The next significant resistance is close to the $2,040 level or the 76.4% Fib retracement level of the downward wave from the $2,068 peak to the $1,936 trough.
If Ethereum can overcome the $2,040 resistance, the price could head towards the $2,120 resistance. If this resistance is broken, it could signal further gains, with Ether potentially reaching the $2,150 resistance zone or even $2,250 in the short term.
If Ethereum can’t break past the $2,040 resistance, it could enter another decline. The first major support is near the $1,980 level, followed by the $1,950 zone. A decisive move below the $1,950 support could push the price towards the $1,880 support, with further losses potentially leading to a $1,850 support level. The next crucial support is at $1,800.
Technical Indicators:
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
- Major Support Level – $1,880
- Major Resistance Level – $2,040
