Ethereum Holds Ground As The Bulls Prepare For A Fresh Surge

2023-11-14 07:31:00

Ethereum price is struggling to gain strength above $2,100. ETH is consolidating above $2,000 and might start a fresh surge if it clears $2,100.

Ethereum is showing positive signs above the $2,000 support zone.
The price is trading above $2,010 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $2,090 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $2,100 resistance zone in the near term.

Ethereum Price Remains In Uptrend

After forming a base, Ethereum price made another attempt to clear the $2,100 resistance. However, ETH failed to gain bullish momentum and trimmed all gains, like Bitcoin.

There was a move below the $2,050 level and the price spiked below the 100-hourly Simple Moving Average. However, the bulls were active above the $2,030 level. A low is formed near $2,031 and the price is now moving higher.

Ethereum is now trading above $2,040 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,075 level or the 50% Fib retracement level of the recent decline from the $2,118 swing high to the $2,031 low.

The next major resistance sits at $2,100. There is also a connecting bearish trend line forming with resistance near $2,090 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

A close above the trend line and $2,100 could send the price further higher toward the $2,150 zone. The next key resistance is near $2,220, above which the price could aim for a move toward the $2,300 level. Any more gains could start a wave toward the $2,450 level.

Another Bearish Wave in ETH?

If Ethereum fails to clear the $2,100 resistance, it could start a fresh decline. Initial support on the downside is near the $2,030 level and the 100-hourly Simple Moving Average.

The next key support is $2,000. A downside break below the $2,000 support might start a sharp decline. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,100

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