Ethereum Price Breaks $2,200, More Upsides Left In This Leg?
04 December 2023 - 4:02PM
NEWSBTC
Ethereum price jumped above the $2,100 level and cleared $2,200.
ETH is gaining pace and might surge further above the $2,220 level.
Ethereum is showing a lot of positive signs and recently cleared
the $2,200 resistance. The price is trading above $2,150 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support near $2,190 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could extend its rally if
it clears the $2,220 resistance zone. Ethereum Price Jumps 5%
Ethereum price remained well-bid after it settled above the $2,000
level. ETH gained bullish momentum and cleared the $2,120
resistance. The bulls even pumped it above the $2,200 level, like
Bitcoin above $40,000. A new multi-month high was formed near
$2,229 and the price is now consolidating gains. It is trading
above the 23.6% Fib retracement level of the upward move from the
$2,147 swing low to the $2,229 high. There is also a connecting
bullish trend line forming with support near $2,190 on the hourly
chart of ETH/USD. Ethereum is now trading above $2,180 and the
100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $2,220 zone. The first key resistance is
near the $2,250 level. The next resistance sits at $2,320. A clear
move above the $2,320 level could send the price toward the $2,450
resistance zone. Source: ETHUSD on TradingView.com The next
resistance is near $2,500, above which the price could aim for a
move toward the $2,650 level. Any more gains could start a wave
toward the $2,800 level. Are Dips Supported in ETH? If Ethereum
fails to clear the $2,220 resistance, it could start a downside
correction. Initial support on the downside is near the $2,190
level and the trend line. The next key support is $2,165 or the
76.4% Fib retracement level of the upward move from the $2,147
swing low to the $2,229 high. The main support is now near $2,120.
A downside break below $2,120 might start a steady decline. The key
support is now at $2,050, below which there is a risk of a move
toward the $2,000 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 – $2,165 Major Resistance Level – $2,220
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024