Ethereum

Rally

Resistance

Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher. 
<ul> 
 <li>Ethereum found support near $1,900 and started a decent increase.</li> 
 <li>The price is trading above $1,980 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a strong increase if it clears the $2,020 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-faces-hurdles">Ethereum Price Faces Hurdles</h2> 
This past week, Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support. 
A low was formed near $1,905 and the price started a steady increase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-40k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low. 
Ethereum is now trading above $1,980 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holds-ground-1935/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,020 zone. 
There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561455" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468" alt="Ethereum Price " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-13.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> 
A close above the $2,020 resistance could start another strong increase. The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level. 
<h2 id="another-drop-in-eth">Another Drop in ETH?</h2> 
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level and the 100-hourly Simple Moving Average. 
The next key support is $1,950. The main support is $1,900. A downside break below the $1,900 support might trigger more losses. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $1,950 
Major Resistance Level – $2,020

Ethereum Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

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