Ethereum

Rally

Bitcoin

Resistance

Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120. 
<ul> 
 <li>Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.</li> 
 <li>The price is trading above $2,020 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-40000/" target="_blank" rel="noopener ">Bitcoin</a> and cleared many hurdles near the $2,050 level. 
It traded to a new <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surges-10-pc-2120/" target="_blank" rel="noopener ">multi-week high at $2,137</a> before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high. 
Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560338" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-8.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 $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high. 
The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,000 
Major Resistance Level – $2,085

Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

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