Ethereum extended its rally and traded to a new all-time high at $2,150 against the US Dollar. ETH price is now consolidating gains and it is likely to rally above $2,200.
- Ethereum is trading nicely in a bullish zone above the $2,050 support.
- The price is now well above the $2,100 support and the 100 hourly simple moving average.
- There is a short-term rising channel forming with support near $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above the $2,150 and $2,180 levels in the near term.
Ethereum Price Is Gaining Momentum
In the past few sessions, Ethereum remained in a positive zone above the $2,000 support, similar bitcoin. ETH even broke the $2,100 level and traded to a new all-time high near $2,150.
During the increase, there was a break above a key bearish trend line with resistance near $2,060 on the hourly chart of ETH/USD. The price is now trading well above the $2,100 support and the 100 hourly simple moving average.
A high is formed near $2,150 and the price is consolidating gains. An initial support is near the $2,115 level. It is near the 23.6% Fib retracement level of the recent wave from the $2,004 swing low to $2,150 high.
Source: ETHUSD on TradingView.com
There is also a short-term rising channel forming with support near $2,100 on the same chart. It seems like there is a major support forming near the $2,080 level. It is close to the 50% Fib retracement level of the recent wave from the $2,004 swing low to $2,150 high.
On the upside, the $2,150 level is a short-term resistance. A clear break above the $2,150 high might open the doors for more gains above the $2,180 and $2,200 levels.
Dips Limited in ETH?
If Ethereum fails to clear the $2,150 resistance, it could correct lower. The first major support is now forming near the $2,080 level.
Any more losses might lead ether price towards the $2,040 level and the 100 hourly simple moving average. The next major buy zone for the bulls could be $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 50 level.
Major Support Level – $2,080
Major Resistance Level – $2,150
