Ethereum Holds Ground As The Bulls Prepare For A Fresh Surge

Ethereum price struggles to gain strength above $2,100. ETH is consolidating above $2,000 and could begin another surge if it rises above $2,100.

• Ethereum is showing positive signs above the $2,000 support zone.
• The price is trading above $2,010 and the 100 hourly simple moving average.
• There is a downtrend line forming with resistance near $2,090 on the ETH/USD hourly chart (data feed via Kraken).
• The pair could begin a further rise if it breaks the $2,100 resistance zone in the near term.

Ethereum price remains in an uptrend

After forming a base, Ethereum price attempted to clear the $2,100 Resistance. However, ETH failed to gain bullish momentum and pared all its gains, as Bitcoin.

There was a move below the $2,050 level and the price climbed below the 100 hourly simple moving average. However, the bulls were active above the $2,030 level. A low forms near $2,031 and the price is now moving higher.

Ethereum is now trading above $2,040 and the 100 hourly simple moving average. On the upside, the price faces resistance near the $2,075 level or the 50% Fibonacci retracement level of the recent decline from the $2,118 high to $2,031 low.

The next major resistance lies at $2,100. There is also a downtrend line forming with resistance near $2,090 on the ETH/USD hourly chart.

Source: ETHUSD on TradingView.com

A close above the trendline and at $2,100 could push the price further towards the $2,150 area. The next key resistance is near $2,220, above which the price could target a move towards the $2,300 level. Any further gains could trigger a wave towards the $2,450 level.

Another bearish wave in ETH?

If Ethereum fails to breach the $2,100 resistance, it could begin a further decline. Initial support on the downside is near the $2,030 level and the 100 hourly simple moving average.

The next key support is $2,000. A downside break below the $2,000 support could initiate a sharp decline. In the presented case, Ether could fall towards the $1,930 support zone in the near term. Any further losses could result in a decline towards the $1,850 level.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,100