As Ethereum price continues to show strength, investors are watching closely as ETH looks poised to break through the $2,150 mark, potentially signaling a new wave of upward momentum for the leading altcoin.
Ethereum is making moves in the cryptocurrency market as its price hovers above the $2,000 level against the US Dollar. Currently trading above the 55 simple moving average, it is eyeing an upside break above the $2,050 resistance zone. However, there is a major bearish trend line forming with resistance near $2,050 on the 4-hour chart, presenting a challenge for further gains.
In the past few days, Ethereum experienced a short-term bearish wave, leading to a decline below $2,050 and the 55 simple moving average (4 hours). However, the price is now attempting a fresh increase after forming a low near $1,906. While it has broken the $1,950 and $1,980 resistance levels, it is still struggling near $2,000.
Immediate support is found near $1,970, with the next major support at the $1,920 level. A break below this support could push the price down to $1,780, with further losses potentially leading to $1,650 or even $1,600 in the coming days.
On the upside, the $2,050 level and the bearish trend line present immediate resistance. A clear move above $2,150 could propel the price toward $2,250, with potential gains reaching the $2,320 resistance zone or even $2,500 in the near term.
Technical indicators show that the MACD for ETH/USD is gaining momentum in the bullish zone, and the RSI is above the 50 level. Overall, Ethereum’s price is trading above $2,000 and the 55 simple moving average, with the potential for further climbs if it maintains support above the $1,920 zone.