Ethereum Price Holds Steady Above $2,000
Currently, Ethereum is maintaining a positive trend above the $2,000 support zone and is trading above $2,010 as well as the 100-hourly Simple Moving Average. However, a bearish trend line is forming with resistance near $2,090 on the hourly chart of ETH/USD (data feed via Kraken).
Ethereum Price Remains In Uptrend
Despite failing to clear the $2,100 resistance and experiencing a decline below the $2,050 level, Ethereum’s bulls managed to keep the price above $2,030. After forming a low near $2,031, Ethereum is now trading above $2,040 and the 100-hourly Simple Moving Average.
The price is currently facing resistance near the $2,075 level or the 50% Fib retracement level of the recent decline from the $2,118 swing high to the $2,031 low. Additionally, a connecting bearish trend line with resistance near $2,090 on the hourly chart of ETH/USD poses a challenge for further increase.
Source: ETHUSD on TradingView.com
If Ethereum manages to close above the trend line and surpasses the $2,100 resistance zone, it could potentially move higher toward the $2,150 zone. Further resistance levels are at $2,220 and $2,300. However, failure to clear the $2,100 resistance could initiate a fresh decline with initial support at around $2,030.
Another Bearish Wave in ETH?
If Ethereum fails to clear the $2,100 resistance and drops below the support levels at $2,030 and $2,000, it might experience a sharp decline towards the $1,930 support zone. Further losses could lead to a drop toward the $1,850 level.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bearish zone while RSI for ETH/USD is now below 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,100
Hot Take
Ethereum’s ability to hold steady above key support levels will determine whether it can overcome immediate resistance barriers and continue its upward trajectory or face another bearish wave if key support levels are breached.
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