Ethereum prolonged its rally and traded to a brand new all-time excessive at $2,150 in opposition to the US Dollar. ETH worth is now consolidating positive factors and it’s more likely to rally above $2,200.

• Ethereum is buying and selling properly in a bullish zone above the $2,050 help.
• The worth is now nicely above the $2,100 help and the 100 hourly easy transferring common.
• There is a short-term rising channel forming with help close to $2,100 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair is more likely to proceed larger above the $2,150 and $2,180 ranges within the close to time period.

Ethereum Price Is Gaining Momentum

In the previous few classes, Ethereum remained in a constructive zone above the $2,000 help, comparable bitcoin. ETH even broke the $2,100 degree and traded to a brand new all-time excessive close to $2,150.

During the rise, there was a break above a key bearish pattern line with resistance close to $2,060 on the hourly chart of ETH/USD. The worth is now buying and selling nicely above the $2,100 help and the 100 hourly simple moving average.

A excessive is shaped close to $2,150 and the worth is consolidating positive factors. An preliminary help is close to the $2,115 degree. It is close to the 23.6% Fib retracement degree of the current wave from the $2,004 swing low to $2,150 excessive.

Source: ETHUSD on TradingView.com

There can be a short-term rising channel forming with help close to $2,100 on the identical chart. It looks like there’s a main help forming close to the $2,080 degree. It is near the 50% Fib retracement degree of the current wave from the $2,004 swing low to $2,150 excessive.

On the upside, the $2,150 degree is a short-term resistance. A transparent break above the $2,150 excessive would possibly open the doorways for extra positive factors above the $2,180 and $2,200 ranges.

Dips Limited in ETH?

If Ethereum fails to clear the $2,150 resistance, it might appropriate decrease. The first main help is now forming close to the $2,080 degree.

Any extra losses would possibly lead ether worth in the direction of the $2,040 degree and the 100 hourly easy transferring common. The subsequent main purchase zone for the bulls could possibly be $2,000.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is nicely above the 50 degree.

Major Support Level – $2,080

Major Resistance Level – $2,150