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Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Price Consolidates After Pullback—Is a Fresh Move Coming?

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Ethereum price remained supported above the $1,980 level. ETH is now rising and might aim for a move above the $2,050 resistance.

  • Ethereum corrected lower and tested the $1,980 support level.
  • The price is trading below $2,040 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,050 and $2,100 resistance levels to start a decent increase.

Ethereum Price Faces Resistance

Ethereum price failed to continue higher above $2,100 and corrected some gains, like Bitcoin. ETH declined below the $2,020 and $2,000 support levels.

It tested the $1,980 zone. A low was formed at $1,982 and the price is again rising. There was a move above the $2,000 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low.

Ethereum price is now trading below $2,040 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,040 level and the 50% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low. The next key resistance is near the $2,050 level. The first major resistance is near the $2,100 level.

Ethereum Price

A clear move above the $2,100 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,320 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,050 resistance, it could start another decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,980 zone.

A clear move below the $1,980 support might push the price toward the $1,920 support and the trend line. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,810.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,000

Major Resistance Level – $2,050

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