Ethereum Faces Resistance Near $2,080
The price of Ethereum is currently consolidating and encountering resistance around the $2,080 zone. However, it is still trading above $2,030 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term contracting triangle is forming with resistance near $2,080.
Ethereum Price Holds Ground
Yesterday, Ethereum experienced a strong increase above the $2,000 resistance zone, outperforming Bitcoin. The bulls faced obstacles near the $2,080 and $2,090 levels after reaching a high of around $2,092. Currently, the price is consolidating its gains and there was a slight correction below the $2,060 level.
Ethereum remains above $2,030 and the 100-hourly Simple Moving Average. The resistance level near $2,080 is posing a challenge for further upward movement. Additionally, a short-term contracting triangle is forming on the hourly chart.
Another Drop in ETH?
If Ethereum fails to surpass the $2,080 resistance level, it could potentially initiate a new decline. The initial support on the downside is around the $2,055 level and the triangle trend line. The next key support lies at $2,010 or the 50% Fib retracement level.
The major support level to watch is now at $1,975. A break below this support could lead to further losses with Ether potentially dropping towards the $1,930 support zone in the near future.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone and the RSI is currently above 50.
Hot Take: Ethereum’s Price Consolidates, Facing Resistance Near $2,080
Ethereum is currently consolidating its gains after a strong increase above the $2,000 resistance zone. Although it is trading above the $2,030 level and the 100-hourly Simple Moving Average, the price is facing resistance near $2,080. A short-term contracting triangle is forming on the hourly chart, indicating a potential breakout in either direction.