Ethereum ETH Price Consolidates Above $2,000 as Bulls Eye Fresh Surge
Ethereum bulls are gearing up for a potential fresh surge if the price can overcome key resistance levels around $2,100. ETH has been struggling to gain upside momentum but remains supported above the $2,000 mark.
Keypoints
Ethereum price struggling to gain momentum above $2,100 resistance level
Bullish signs remain with ETH trading above $2,000 support and 100-hour SMA
ETH facing resistance around $2,090; break above $2,100 could spark fresh surge
If ETH fails to clear $2,100, it risks dropping back to $2,000 or lower support levels
Technical indicators show mixed signals – MACD bearish but RSI approaching 50
Ethereum recently made an attempt to break the $2,100 barrier but failed to sustain bullish momentum similar to Bitcoin. This caused ETH to drop back below $2,050 temporarily. However, strong support around $2,030 helped defend against further declines.
Currently, Ethereum is trading above $2,040 and has recovered above its 100-hour simple moving average. The first major resistance lies around $2,075, which aligns with the 50% Fibonacci retracement of the most recent price swing.
Additionally, a bearish trend line is forming around $2,090 on shorter timeframes. This presents another obstacle for eager bulls. A decisive break above both the $2,090 trend line and $2,100 resistance could be the catalyst for Ethereum to embark on a fresh uptrend.
In that scenario, ETH may target $2,150 next before facing resistance around $2,220. Above that level, the upside to $2,300 and even $2,450 comes into play. However, failure to overcome immediate hurdles risks a bearish reversal.
Strong support waits around $2,000 and the 100-hour SMA near $2,030. Below that, Ethereum could slide towards $1,930 or lower to $1,850. Technical indicators paint a mixed picture currently, with bearish MACD divergence but RSI approaching neutral levels again.
Ethereum appears poised for a bullish breakout above $2,100 but needs to decisively crack key overhead resistance. Support levels remain intact for now, but a close below $2,000 could open the doors for more downside. Bulls are betting on ETH gaining momentum for a fresh leg up.
