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Ethereum is still struggling to gain pace above $2,000 against the US Dollar. ETH price is still below the 100 hourly SMA, while bitcoin surpassed $35,000.

  • Ethereum is still struggling to clear the $2,050 and $2,060 resistance levels.
  • The price is trading near the $2,000 barrier and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $2,000 and $2,050 to start a strong upward move in the near term.

Ethereum Price is Facing Resistance

Ethereum remained strong above the $1,850 level and it moved higher. More importantly, bitcoin bulls cleared the 100 hourly SMA, opening the doors for a move above $35,000.

However, ETH price is still facing resistance near the 100 hourly SMA and the $2,000 zone. There was a break above the 50% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low.

There was also a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD. The pair is now consolidating near the $2,000 zone. The next major resistance is near the $2,050 level. It is close to the 61.8% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low.

Source: ETHUSD on TradingView.com

A clear upside break above the $2,000 level and then $2,050 could open the doors for more upsides. The next key resistance is near the $2,150 zone. Any more gains could set the pace for a move towards the $2,300 level. An intermediate resistance could be near the $2,250 level.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,900 level.

The first major support is now forming near the $1,850 level. A downside break below the $1,850 zone could lead the price further lower. In the stated case, the price could move down further towards the $1,700 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently near the 50 level.

Major Support Level – $1,850

Major Resistance Level – $2,050

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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