Ethereum

Rally

Momentum

Resistance

Ethereum price remained well-bid above the $2,020 level. ETH is now rising, and the bulls seem to be aiming for a move toward the $2,200 level. 
<ul> 
 <li>Ethereum is making a fresh attempt to clear the $2,100 and $2,120 resistance levels.</li> 
 <li>The price is trading above $2,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $2,120 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price started a downside correction below the $2,050 level. ETH tested the $2,020 support, where the bulls took a stand. A low was formed near $2,019 before the price climbed higher, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-sprint-to-40000/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price cleared the $2,050 resistance zone. There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of ETH/USD. The pair climbed above the 50% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low. 
Ethereum is now trading above $2,050 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-jeopardy-2075/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,095 zone or the 76.4% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low. 
The first key resistance is near the $2,100 level. The next resistance sits at $2,120. A clear move above the $2,120 level could send the price toward the $2,200 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563354" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Ethereum.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 $2,250, above which the price could aim for a move toward the $2,320 level. Any more gains could start a wave toward the $2,440 level. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,100 resistance, it could start another decline. Initial support on the downside is near the $2,055 level. The next key support is $2,040. 
The main support is now near $2,000. A downside break below $2,000 might start a steady decline. The key support is now at $1,920, below which there is a risk of a move toward the $1,880 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,050 
Major Resistance Level – $2,120

Ethereum Price Momentum Reignites, RSI Signals Rally To $2,200

Table of Contents

NewsBTC

Other articles published on Dec 1, 2023

Bitmain’s AntPool Miner Surpasses DCG’s Foundry As The Leading Bitcoin Mining Pool

Best Crypto Casinos: Top Casino Sites for BTC Gambling

The Best Crypto to Buy: Cardano and Solana Feel the Heat from Euler Network’s $3.5 Million Surge

Bytecoin (BCN) Price Prediction 2025, 2030, 2040 and 2050

Unification (FUND) Price Prediction 2025, 2030, 2040 and 2050

The Influence of Elon Musk on Social Media and Crypto: A Deep Dive

Join our free newsletter for daily crypto updates!