Ethereum Price Breakout Sparks Momentum Shift

Ethereum Price Faces Resistance at Key Levels

• Ethereum price started a recovery wave above the $1,920 level.
• The price is trading below $1,950 and the 100-hourly Simple Moving Average.
• A short-term rising channel with support at $1,980 is forming on the hourly chart.
• The pair must clear the $2,020 and $2,040 resistance levels to start a significant increase.
• Initial support on the downside is near the $1,980 level.

Ethereum’s price has been consolidating below key resistance levels of $2,020 and $2,040. A break above these could lead to further gains, but failure to do so might result in a decline towards the $1,880 support level.