Ethereum

Resistance

Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and might rise further if it clears the $2,075 resistance. 
<ul> 
 <li>Ethereum is recovering higher from the $1,985 zone.</li> 
 <li>The price is trading above $2,040 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it stays above the 100-hourly Simple Moving Average.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price spiked before the $2,000 support before the bulls appeared. ETH traded as low as $1,986 and recently started a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-avoids-collapse-38500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a decent increase above the $2,020 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low. Besides, there was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD. 
Ethereum is now trading above $2,040 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-bears-pressing-1920/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $2,075 zone. It is close to the 61.8% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low. 
The first key resistance is near the $2,100 level. The next resistance sits at $2,130. A clear move above the $2,130 level could send the price toward the $2,150 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562939" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-22.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 $2,220, above which the price could aim for a move toward the $2,265 level. Any more gains could start a wave toward the $2,320 level. 
<h2 id="another-decline-in-eth">Another Decline in ETH?</h2> 
If Ethereum fails to clear the $2,075 resistance, it could start a fresh decline. Initial support on the downside is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears might gain strength. 
The next key support is $2,000. A downside break below $2,000 might spark a strong bearish move. The key support is now at $1,930, 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 losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,045 
Major Resistance Level – $2,075

Ethereum Price Recovers, Why 100 SMA Is The Key To Fresh Increase

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