Ethereum Price Surges 10%, Here’s Why ETH Could Pump 5% More

2023-11-10 05:48:34

Ethereum price is up over 10% and surpassed the $2,000 resistance. ETH is outperforming Bitcoin and might rise further toward the $2,200 resistance.

Ethereum rallied above the $2,000 and $2,050 levels.
The price is trading above $2,050 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support near $2,115 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move higher toward the $2,200 resistance in the near term.

Ethereum Price Regains Strength

In the past 2-3 analyses, we discussed high chances of Ethereum surging toward the $2,000 level. ETH did start a strong increase and broke many hurdles near $1,920.

It even surged above the $2,000 resistance, outperforming Bitcoin. It is up over 10% and consolidating near $2,125. A new multi-week high is formed near $2,137 and the price is now showing more positive signs. There is also a short-term rising channel forming with support near $2,115 on the hourly chart of ETH/USD.

It is trading above $2,050 and the 100-hourly Simple Moving Average. The price is also above the 23.6% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,135 level. The next major resistance sits at $2,150, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,200 resistance. The next key resistance is near $2,250, above which the price could aim for a move toward the $2,320 level.

Buy Dips in ETH?

If Ethereum fails to clear the $2,135 resistance, it could start a downside correction. Initial support on the downside is near the $2,115 level and the channel’s trend line.

The next key support is $2,080. The main support sits at $2,000 or the 61.8% Fib retracement level of the recent rally from the $1,905 swing low to the $2,137 high. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the 100-hourly Simple Moving Average or even $1,920 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $2,080

Major Resistance Level – $2,150

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