Ethereum is still struggling to gain pace above $ 2,000 against the US Dollar. The price of ETH is still below the 100 hourly SMA, while bitcoin surpassed $ 35,000.
Ethereum is still struggling to clear the $ 2,050 and $ 2,060 resistance levels. The price is trading near the $ 2,000 barrier and the 100 hourly simple moving average. There was a break above a key downtrend line with resistance near $ 1,950 on the hourly chart of ETH / USD (data feed via Kraken). The pair must liquidate $ 2,000 and $ 2,050 to start a strong bullish move in the near term.
Ethereum price faces resistance
Ethereum held strong above the $ 1,850 level and moved higher. More importantly, bitcoin bulls broke above the 100 hourly SMA, opening the doors for a move above $ 35,000.
However, ETH price is still facing resistance near the 100 hourly SMA and the $ 2,000 zone. There was a break above the 50% Fib retracement level of the main decline from the $ 2,283 high to $ 1,700 low.
There was also a break above a key downtrend line with resistance near $ 1,950 on the ETH / USD hourly chart. The pair is now consolidating near the $ 2,000 zone. The next major resistance is near the $ 2,050 level. It is close to the 61.8% Fib retracement level of the main decline from the $ 2,283 high to $ 1,700 low.
Source: ETHUSD on TradingView.com
A clear break to the upside above the $ 2,000 level and then $ 2,050 could open the doors for further advantages. The next key resistance is near the $ 2,150 zone. More gains could set the pace for a move towards the $ 2,300 level. An intermediate resistance could be near the $ 2,250 level.
New decline in ETH?
If Ethereum fails to clear the $ 2,000 and $ 2,050 resistance levels, a new decline could start. An initial support on the downside is near the $ 1,900 level.
The first major support is now forming near the $ 1,850 level. A break to the downside below the $ 1,850 zone could send the price down even further. In the indicated case, the price could drop further towards the $ 1,700 level.
MACD per hour : The MACD for ETH / USD is struggling to gain pace in the bearish zone.
RSI per hour : The RSI for ETH / USD is currently near the 50 level.
Major Support Level – $ 1,850
Major Resistance Level – $ 2,050