Ethereum

Rally

Bitcoin

Resistance

Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level. 
<ul> 
 <li>Ethereum is consolidating and facing resistance near the $2,080 zone.</li> 
 <li>The price is trading above $2,030 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally if it clears the $2,080 and $2,090 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-holds-ground">Ethereum Price Holds Ground</h2> 
Ethereum price started a strong increase above the $2,000 resistance zone. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-40k/" target="_blank" rel="noopener ">Bitcoin</a> yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels. 
A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. 
Ethereum is still well above $2,030 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-prediction-2120/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562229" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-18.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 first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price toward the $2,150 resistance zone. 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-drop-in-eth">Another Drop in ETH?</h2> 
If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,055 level and the triangle trend line. 
The next key support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The key support is now at $1,975. A downside break below the $1,975 support might trigger more losses. In the stated case, Ether could drop toward the $1,930 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 – $2,055 
Major Resistance Level – $2,080

Ethereum Price Forms Bullish Pattern, Why ETH Could Extend Its Rally

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