Ethereum price initiated a new upward movement from $1,950. ETH is currently consolidating its gains and could be poised for another surge above $2,050. Ethereum has initiated a new upward trajectory, breaking above the $1,920 level. The price is currently trading above $1,950 and the 100-hourly Simple Moving Average. A significant rising channel is taking shape, with support positioned at $1,960 on the hourly chart for ETH/USD. The pair may initiate a new downward trend if it remains beneath the $2,090 level.
Ethereum price successfully established a base and traded above the $1,920 resistance level, mirroring Bitcoin’s performance. ETH price surged past the $1,960 and $2,000 resistance levels. The bulls managed to push the price above $2,050. A peak was established at $2,089 prior to a downward adjustment. The price fell beneath $2,020, breaching the 38.2% Fibonacci retracement level of the upward movement from the $1,835 swing low to the $2,089 high, prompting a response from the bulls. Ethereum price is currently trading above $1,960 and the 100-hourly Simple Moving Average. A significant rising channel is taking shape, with support positioned at $1,960 on the hourly chart of ETH/USD.
If the bulls continue to dominate above $1,960, we might see the price make another upward move. Immediate resistance is observed around the $2,040 mark. The initial significant resistance is located around the $2,080 mark. The upcoming significant resistance is around the $2,120 mark. A decisive breakout above the $2,120 resistance could propel the price toward the $2,155 resistance level. An upside break above the $2,155 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,220 resistance level or possibly reach $2,250 in the short term.
If Ethereum is unable to surpass the $2,080 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,990 mark. The initial significant support is located around the $1,960 area, which corresponds to the 50% Fibonacci retracement level of the upward movement from the $1,835 swing low to the $2,089 peak. A decisive drop beneath the $1,960 support could drive the price down to the $1,930 support level. Further losses could push the price down to the $1,880 area. The primary support level appears to be $1,840.