The price of Ethereum has managed to form a base, and the price surpassed the $1,920 resistance, similar to Bitcoin. The price of ETH rallied over the $1,960 and $2,000 resistance levels.
Not only this, but the bulls also pushed the price over $2,050. The high was witnessed at $2089 before having a downside correction. After this, the price went below $2,020 and the 38.2% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high before the bulls formed.
In the current scenario, the price of Ethereum is trading over $1,960 and the 100-hourly Simple Moving Average. There is also a prominent surging channel developing with support at $1,960 on the hourly chart of ETH/USD. If the bulls stay in action over $1,960, the price could go for one more surge. Quick resistance is witnessed around the $2,040 level.
Talking about technical indicators, the first key resistance is around the $2,080 level. The upcoming prominent resistance is around the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,155 resistance. An upside break over the $2,155 region may introduce more gains in the upcoming days.
In the said situation, Ether could surge toward the $2,220 resistance zone or even $2,250 in the near term. If ETH is not able to clear the $2,080 resistance, it could lead to a fresh decline.
Initial support on the downside is around the $1,990 level. The first prominent support sits around the $1,960 zone or the Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high.
A clear move going down to the $1,960 support might push the price toward the $1,930 support. Any more losses might push the price toward the $1,880 region. The main support could be $1,840.
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