Ethereum Price Consolidates After Pullback—Is a Fresh Move Coming?

Ethereum worth remained supported above the $1,980 stage. ETH is now rising and would possibly intention for a transfer above the $2,050 resistance.

• Ethereum corrected decrease and examined the $1,980 assist stage.
• The worth is buying and selling beneath $2,040 and the 100-hourly Simple Moving Average.
• There is a connecting bearish pattern line forming with resistance at $2,050 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair should clear the $2,050 and $2,100 resistance ranges to start out a first rate enhance.

Ethereum Price Faces Resistance

Ethereum worth didn’t proceed greater above $2,100 and corrected some positive aspects, like Bitcoin. ETH declined beneath the $2,020 and $2,000 assist ranges.

It examined the $1,980 zone. A low was fashioned at $1,982 and the worth is once more rising. There was a transfer above the $2,000 stage. The worth surpassed the 23.6% Fib retracement stage of the current decline from the $2,097 swing excessive to the $1,982 low.

Ethereum worth is now buying and selling beneath $2,040 and the 100-hourly Simple Moving Average. There can also be a connecting bearish pattern line forming with resistance at $2,050 on the hourly chart of ETH/USD.

On the upside, the worth appears to be going through hurdles close to the $2,040 stage and the 50% Fib retracement stage of the current decline from the $2,097 swing excessive to the $1,982 low. The subsequent key resistance is close to the $2,050 stage. The first main resistance is close to the $2,100 stage.

A transparent transfer above the $2,100 resistance would possibly ship the worth towards the $2,150 resistance. An upside break above the $2,150 resistance would possibly name for extra positive aspects within the coming periods. In the said case, Ether might rise towards the $2,250 resistance zone and even $2,320 within the close to time period.

More Losses In ETH?

If Ethereum fails to clear the $2,050 resistance, it might begin one other decline. Initial assist on the draw back is close to the $2,000 stage. The first main assist sits close to the $1,980 zone.

A transparent transfer beneath the $1,980 assist would possibly push the worth towards the $1,920 assist and the pattern line. Any extra losses would possibly ship the worth towards the $1,880 assist stage within the close to time period. The subsequent key assist sits at $1,810.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 zone.

Major Support Level – $2,000

Major Resistance Level – $2,050