Ethereum

Resistance

Gains

Ethereum price started a fresh increase above the $1,950 resistance. ETH is consolidating and might aim for a move above the $2,070 resistance. 
<ul> 
 <li>Ethereum remained stable and started a fresh increase above the $1,950 level.</li> 
 <li>The price is trading above $2,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $2,010 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless there is a break below the $1,985 support.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-gains">Ethereum Price Eyes More Gains</h2> 
After forming a base above the $1,900 level, Ethereum price started a decent increase. ETH was able to surpass the $1,950 and $1,960 resistance levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-38k/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price even climbed above the $2,000 level and the 100-hourly Simple Moving Average. Besides, there was a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-in-jeopardy-2020/" target="_blank" rel="noopener ">major bearish trend line</a> with resistance near $2,010 on the hourly chart of ETH/USD. A high was formed near $2,068 and the price is now consolidating gains. 
It traded below the 23.6% Fib retracement level of the recent increase from the $1,905 swing low to the $2,068 high. However, Ethereum is still above $2,000 and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561664" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-14.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 $2,050 zone. The first key resistance is near the $2,070 level. A clear move above the $2,070 level could spark bullish moves. The next resistance is near $2,120, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited in ETH?</h2> 
If Ethereum fails to clear the $2,070 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level and the 100-hourly Simple Moving Average. 
The next key support is $1,985 or the 50% Fib retracement level of the recent increase from the $1,905 swing low to the $2,068 high. The main support is $1,965. A downside break below the $1,965 support might trigger more losses. In the stated case, Ether could drop toward the $1,905 support zone in the near term. 
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 – $1,985 
Major Resistance Level – $2,070

Ethereum Price Clears Hurdle – A Strengthening Case For More Upsides

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