{"id":32377,"date":"2023-11-13T05:52:36","date_gmt":"2023-11-13T09:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32377"},"modified":"2023-11-13T05:52:36","modified_gmt":"2023-11-13T09:52:36","slug":"ethereum-bulls-keeps-pushing-why-rally-isnt-over-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/13\/ethereum-bulls-keeps-pushing-why-rally-isnt-over-yet\/","title":{"rendered":"Ethereum Bulls Keeps Pushing, Why Rally Isn\u2019t Over Yet"},"content":{"rendered":"

Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.<\/em><\/p>\n

Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
\nThe price is trading above $2,020 and the 100-hourly Simple Moving Average.
\nThere is a key declining channel forming with support near $2,000 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin<\/a> and cleared many hurdles near the $2,050 level.<\/p>\n

It traded to a new multi-week high at $2,137<\/a> before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.<\/p>\n

Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH\/USD.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.<\/p>\n

The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $2,000<\/p>\n

Major Resistance Level \u2013 $2,085<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.<\/em><\/p>\n

Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
\nThe price is trading above $2,020 and the 100-hourly Simple Moving Average.
\nThere is a key declining channel forming with support near $2,000 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin<\/a> and cleared many hurdles near the $2,050 level.<\/p>\n

It traded to a new multi-week high at $2,137<\/a> before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.<\/p>\n

Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH\/USD.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.<\/p>\n

The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $2,000<\/p>\n

Major Resistance Level \u2013 $2,085<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32377","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32377"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32377\/revisions"}],"predecessor-version":[{"id":32387,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32377\/revisions\/32387"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32377"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}