Upon analysing the daily timeframe, it is evident that #Ethereum price has been displaying a strong bullish momentum after successfully breaking out of the significant symmetrical triangle pattern towards the upside. In recent weeks, the price of Ethereum has been on a remarkable upward trajectory, consistently recording higher highs and climbing steadily.
ETH/USD underwent a downward correction below the $2,100 level, finding support at $2,050 before indicating a potential bullish reversal. The correction was initiated from the $2,125 resistance zone and led to declines below both the $2,100 and $2,080 levels, which mirrors the movements of Bitcoin. Technical indicators suggest that Ethereum may be aiming for a fresh increase.
ETH/USD tested and successfully held the $2,050 support zone, forming a low around $2,051 before gradually moving higher. The pair broke above the $2,080 resistance zone, along with a key bearish trend line with resistance near $2,080 on its hourly chart.
Moreover, the price surged above the 23.6% Fibonacci retracement level of the previous downward move from the $2,142 swing high to the $2,051 low. Currently, ETH/USD is hovering around $2,090, slightly above its 100-hourly Simple Moving Average.
The immediate resistance for ETH/USD is located in the $2,110 area, which coincides with the 50% Fibonacci retracement level of the recent downward move from the $2,142 swing high to the $2,051 low. If the price manages to break above this resistance, the next major obstacle lies in the $2,125 zone, corresponding to the recent high. A decisive close above this level could trigger another bullish impulse, with the bulls targeting the $2,200 resistance level. Further upside momentum might lead Ethereum towards the $2,300 resistance level in the coming days.
if #ETH is unable to surpass the resistance level of $2,110, it may experience further downward movement. The initial support level on the downside can be found at the $2,050 mark, along with the 100-hourly Simple Moving Average. If the price continues to decline, the next significant support level to watch for is around the $2,020 zone. Breaking below this level may trigger bearish momentum and push the price toward $2,000 and the 100-hourly Simple Moving Average. Further losses could open up opportunities for a move toward the $1,925 and $1,920 levels.
KEY LEVELS :
RESISTANCE LEVEL : $2,130-$2,180
SUPPORT LEVEL : $2,050-$2,000
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.