Key Points
- Ethereum struggles to break $2,100 resistance level
- Bullish signs as ETH trades above $2,000 support and 100-hour SMA
- Resistance at $2,090; break above $2,100 could spark surge
- Risk of dropping to $2,000 or lower if $2,100 not cleared
- Mixed signals from technical indicators – MACD bearish but RSI approaching 50
Ethereum recently attempted to surpass the $2,100 barrier but failed to sustain momentum, leading to a drop below $2,050. However, strong support around $2,030 prevented further declines.
Currently trading above $2,040, Ethereum has also recovered above its 100-hour simple moving average. The primary resistance lies at $2,075 and aligns with the 50% Fibonacci retracement of the recent price swing.
Additionally, a bearish trend line is forming around $2,090 on shorter timeframes. This presents another obstacle for bulls. A clear break above both the $2,090 trend line and $2,100 resistance could be the catalyst for a fresh uptrend.
In that case, ETH may target $2,150 before facing resistance at $2,220. Above that level, the upside to $2,300 and even $2,450 comes into play. Failure to overcome immediate hurdles risks a bearish reversal.
Strong support is at $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 currently paint a mixed picture with bearish MACD divergence but RSI approaching neutral levels again.
Ethereum seems ready 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 doors for more downside. Bulls are hopeful for ETH gaining momentum for a fresh leg up.
Hot Take: Ethereum’s Potential Fresh Surge Amidst Key Resistance Levels
The potential for Ethereum’s price surge remains high as it continues to trade around key resistance levels. With bullish signs in place and strong support at $2,000, all eyes are on whether ETH can overcome the hurdles and embark on an upward trend. The mixed signals from technical indicators add an element of uncertainty but also opportunity for traders to capitalize on potential movements in either direction.
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