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2023-12-01 03:04:13

Ethereum Price Momentum Reignites, RSI Signals Rally To $2,200

Ethereum price remained well-bid above the $2,020 level. ETH is now rising, and the bulls seem to be aiming for a move toward the $2,200 level. Ethereum is making a fresh attempt to clear the $2,100 and $2,120 resistance levels. The price is trading above $2,050 and the 100-hourly Simple Moving Average. There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $2,120 resistance zone. Ethereum Price Regains Strength Ethereum price started a downside correction below the $2,050 level. ETH tested the $2,020 support, where the bulls took a stand. A low was formed near $2,019 before the price climbed higher, like Bitcoin. The price cleared the $2,050 resistance zone. There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of ETH/USD. The pair climbed above the 50% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low. Ethereum is now trading above $2,050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,095 zone or the 76.4% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low. The first key resistance is near the $2,100 level. The next resistance sits at $2,120. A clear move above the $2,120 level could send the price toward the $2,200 resistance zone. Source: ETHUSD on TradingView.com The next resistance is near $2,250, above which the price could aim for a move toward the $2,320 level. Any more gains could start a wave toward the $2,440 level. Another Decline in ETH? If Ethereum fails to clear the $2,100 resistance, it could start another decline. Initial support on the downside is near the $2,055 level. The next key support is $2,040. The main support is now near $2,000. A downside break below $2,000 might start a steady decline. The key support is now at $1,920, below which there is a risk of a move toward the $1,880 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $2,050 Major Resistance Level – $2,120