Ethereum Price Forms Bullish Pattern, Why ETH Could Extend Its Rally

2023-11-24 04:44:30

Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level.

Ethereum is consolidating and facing resistance near the $2,080 zone.
The price is trading above $2,030 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it clears the $2,080 and $2,090 resistance levels.

Ethereum Price Holds Ground

Ethereum price started a strong increase above the $2,000 resistance zone. ETH outperformed Bitcoin yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels.

A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high.

Ethereum is still well above $2,030 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price toward the $2,150 resistance zone. The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.

Another Drop in ETH?

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,055 level and the triangle trend line.

The next key support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The key support is now at $1,975. A downside break below the $1,975 support might trigger more losses. In the stated case, Ether could drop toward the $1,930 support zone 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 – $2,055

Major Resistance Level – $2,080

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