Ethereum

Bitcoin

Resistance

Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and might aim for more gains above the $2,120 resistance. 
<ul> 
 <li>Ethereum remained strong above $1,930 and started a fresh increase above $2,000.</li> 
 <li>The price is trading above $2,020 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair is up over 5% and the bulls could aim for more upsides above $2,100.</li> 
</ul> 
<h2 id="ethereum-price-turns-green">Ethereum Price Turns Green</h2> 
Ethereum price remained well-bid above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-trouble-2000/" target="_blank" rel="noopener ">$1,930 support</a> after a steady decline post report of Binance settlement. ETH formed a base and started a strong increase above the $2,000 resistance. 
There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained over 5% and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-aim-for-40k/" target="_blank" rel="noopener ">Bitcoin</a>. Finally, it tested the $2,100 zone. 
A high is formed near $2,092 and Ethereum is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high. 
It is well above $2,020 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. The first key resistance is near the $2,120 level. A clear move above the $2,120 level could spark another strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562038" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468" alt="Ethereum Price Prediction" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-17.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> 
The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level. 
<h2 id="another-downside-correction-in-eth">Another Downside Correction in ETH?</h2> 
If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The next key support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high. 
The main support is now near $1,980. A downside break below the $1,980 support might trigger more losses. In the stated case, Ether could drop toward the $1,920 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 – $2,000 
Major Resistance Level – $2,120

Ethereum Price Prediction: After 5% Surge, Is ETH Increase Just Getting Started?

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