Ethereum Price Consolidates, Eyes Break Above Key Resistance
- Ethereum price began a recovery wave above $2,050 and is now consolidating.
- ETH stayed above the $1,950 level and recovered some losses.
- The price is trading above $2,020 and the 100-hourly Simple Moving Average.
- A break occurred above a major bearish trend line with resistance at $2,070 on the hourly chart of ETH/USD.
- If Ethereum fails to clear the $2,150 resistance, it could decline towards the $2,020 support level.
Ethereum’s price recovery from its base above $1,950 has positioned it for potential gains if it can break through key resistance levels at $2,150 and beyond. The current consolidation phase suggests that ETH is preparing for its next move.
With Ethereum trading above crucial support levels like $2,020 and maintaining momentum over its Simple Moving Average, it remains poised for an upward trajectory if resistance levels are surpassed. (Source)
