Ethereum

Bitcoin

Resistance

Ethereum price is up over 10% and surpassed the $2,000 resistance. ETH is outperforming Bitcoin and might rise further toward the $2,200 resistance. 
<ul> 
 <li>Ethereum rallied above the $2,000 and $2,050 levels.</li> 
 <li>The price is trading above $2,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term rising channel forming with support near $2,115 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move higher toward the $2,200 resistance in the near term.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
In the past 2-3 analyses, we discussed high chances of <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-primed-2000/" target="_blank" rel="noopener ">Ethereum surging toward the $2,000 level.</a> ETH did start a strong increase and broke many hurdles near $1,920. 
It even surged above the $2,000 resistance, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bullish-streak-36k/" target="_blank" rel="noopener ">Bitcoin</a>. It is up over 10% and consolidating near $2,125. A new multi-week high is formed near $2,137 and the price is now showing more positive signs. There is also a short-term rising channel forming with support near $2,115 on the hourly chart of ETH/USD. 
It is trading above $2,050 and the 100-hourly Simple Moving Average. The price is also above the 23.6% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560013" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-7.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
On the upside, the price is facing resistance near the $2,135 level. The next major resistance sits at $2,150, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,200 resistance. The next key resistance is near $2,250, above which the price could aim for a move toward the $2,320 level. 
<h2 id="buy-dips-in-eth">Buy Dips in ETH?</h2> 
If Ethereum fails to clear the $2,135 resistance, it could start a downside correction. Initial support on the downside is near the $2,115 level and the channel’s trend line. 
The next key support is $2,080. The main support sits at $2,000 or the 61.8% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the 100-hourly Simple Moving Average or even $1,920 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 – $2,080 
Major Resistance Level – $2,150

Ethereum Price Surges 10%, Here’s Why ETH Could Pump 5% More

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