Ethereum Price Bullish Momentum Reignites – Can Bulls Pust ETH To $2,200?

2023-11-16 05:26:02

Ethereum price remained strong and started a fresh increase above $2,000. ETH could continue to rise if it clears the $2,075 resistance zone.

Ethereum is again moving higher above the $2,000 support zone.
The price is trading above $2,000 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,046 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if it clears the $2,075 resistance zone in the near term.

Ethereum Price Reclaims $2K

After a downside correction, Ethereum price found support near the $1,920 zone. ETH traded as low as $1,933 and recently started a fresh increase like Bitcoin. There was a clear move above the $1,950 and $1,975 resistance levels.

There was a close above the 50% Fib retracement level of the downward move from the $2,118 swing high to the $1,933 low. Finally, it settled above the main $2,000 resistance zone.

Ethereum is now trading above $2,000 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,046 on the hourly chart of ETH/USD. Immediate resistance is near the $2,075 zone. It is close to the 76.4% Fib retracement level of the downward move from the $2,118 swing high to the $1,933 low.

Source: ETHUSD on TradingView.com

The next major resistance sits at $2,120. A close above the $2,120 resistance could start another strong increase. The first resistance is near $2,150, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,075 resistance or the $2,120 pivot level, it could start a fresh decline. Initial support on the downside is near the $2,045 level or the trend line.

The next key support is $2,025 or the 100-hourly Simple Moving Average. The main support is $2,000. A downside break below the $2,000 support might start a steady decline. In the stated case, Ether could drop toward the $1,920 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 bullish zone.

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

Major Support Level – $2,025

Major Resistance Level – $2,120

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