Ethereum's Price Momentum Indicates Potential for Further Gains

Ethereum has shown a notable increase, surpassing the $1,950 resistance level, and is now eyeing a move past the $2,070 resistance, reinforcing the possibility of more upward trends.

Ethereum's Recent Uptrend and Key Support Levels

Ethereum has maintained stability and embarked on an upward journey, crossing the $1,950 mark. The cryptocurrency is currently trading above $2,000 and has surpassed the 100-hourly Simple Moving Average. A significant bullish signal was the break above a key bearish trend line with resistance near $2,010 on the ETH/USD hourly chart (data from Kraken). The pair shows potential for continued growth unless it falls below the $1,985 support.

Ethereum Gears Up for Additional Rises

Ethereum laid a strong foundation above the $1,900 level, leading to a substantial rise. It overcame resistance at $1,950 and $1,960, mirroring Bitcoin's movements.

The currency also ascended above the $2,000 threshold and the 100-hourly SMA. A crucial moment was the break above the bearish trend line near $2,010 on the ETH/USD hourly chart. Ethereum formed a high near $2,068 and is now consolidating its gains. It dipped below the 23.6% Fibonacci retracement level of the recent rise from $1,905 to $2,068, but remains well supported above $2,000 and the 100-hourly SMA.

Looking upwards, Ethereum encounters resistance near $2,050, with a significant barrier at $2,070. Surpassing this could fuel further bullish movements, aiming next for the $2,120 mark and potentially reaching $2,200. Further gains might lead to a push towards $2,250.

Limited Downtrend Potential for Ethereum

Should Ethereum struggle to breach the $2,070 resistance, a downward trend might ensue. Immediate support lies near the $2,000 level and the 100-hourly SMA.

The subsequent key support is at $1,985, corresponding to the 50% Fibonacci retracement of the recent surge from $1,905 to $2,068. A critical support level is at $1,965.