Ethereum price consolidates after recent dip, potential for new movement?

The price of Ethereum has remained steady above the $1,980 mark, with an upward trajectory targeting the $2,050 resistance level. While Ethereum did experience a minor correction, testing the $1,980 support level, it has since rebounded. Currently, Ethereum is trading below $2,040 and the 100-hourly Simple Moving Average, indicating a slight downward trend. A bearish trend line is forming with resistance at $2,050 on the hourly chart of ETH/USD. To see a significant increase, Ethereum must overcome the $2,050 and $2,100 resistance levels.

Following a failed attempt to push past $2,100, Ethereum saw a decline below the $2,020 and $2,000 support levels, eventually reaching the $1,980 zone. However, a low of $1,982 was established before a resurgence in price. Ethereum then surpassed the 23.6% Fibonacci retracement level of the recent decline, moving above the $2,000 mark. Despite its upward movement, the price remains below $2,040 and the 100-hourly Simple Moving Average, with a bearish trend line providing resistance at $2,050.

The $2,040 level and the 50% Fibonacci retracement level are posing as obstacles for Ethereum’s price recovery, with $2,050 being a key resistance level to break through. A decisive move above $2,100 could propel the price towards the $2,150 resistance, potentially leading to further gains in the near future. This bullish scenario could see Ethereum reaching the $2,250 zone or even $2,320 in upcoming trading sessions.

However, failure to breach the $2,050 resistance level could prompt another downturn in Ethereum’s price. Initial support sits around the $2,000 mark, with more substantial support near $1,980. A substantial decline below $1,980 may guide the price towards $1,920 and the trend line, potentially dropping further to the $1,880 support level, with the next key support at $1,810.

Technical indicators show the hourly MACD losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone. Major support rests at $2,000, with significant resistance at $2,050. Ethereum’s price movements in the coming days will largely depend on its ability to overcome key resistance levels and maintain support levels to sustain positive momentum in the market.