{"id":33098,"date":"2023-11-24T04:52:52","date_gmt":"2023-11-24T08:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33098"},"modified":"2023-11-24T04:52:52","modified_gmt":"2023-11-24T08:52:52","slug":"ethereum-price-forms-bullish-pattern-why-eth-could-extend-its-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/24\/ethereum-price-forms-bullish-pattern-why-eth-could-extend-its-rally\/","title":{"rendered":"Ethereum Price Forms Bullish Pattern, Why ETH Could Extend Its Rally"},"content":{"rendered":"

Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level.<\/em><\/p>\n

Ethereum is consolidating and facing resistance near the $2,080 zone.
\nThe price is trading above $2,030 and the 100-hourly Simple Moving Average.
\nThere is a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its rally if it clears the $2,080 and $2,090 resistance levels.<\/p>\n

Ethereum Price Holds Ground<\/h2>\n

Ethereum price started a strong increase above the $2,000 resistance zone. ETH outperformed Bitcoin<\/a> yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels.<\/p>\n

A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high.<\/p>\n

Ethereum is still well above $2,030 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price toward the $2,150 resistance zone. The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,055 level and the triangle trend line.<\/p>\n

The next key support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The key support is now at $1,975. A downside break below the $1,975 support might trigger more losses. In the stated case, Ether could drop toward the $1,930 support zone in the near term.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,055<\/p>\n

Major Resistance Level \u2013 $2,080<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level.<\/em><\/p>\n

Ethereum is consolidating and facing resistance near the $2,080 zone.
\nThe price is trading above $2,030 and the 100-hourly Simple Moving Average.
\nThere is a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its rally if it clears the $2,080 and $2,090 resistance levels.<\/p>\n

Ethereum Price Holds Ground<\/h2>\n

Ethereum price started a strong increase above the $2,000 resistance zone. ETH outperformed Bitcoin<\/a> yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels.<\/p>\n

A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high.<\/p>\n

Ethereum is still well above $2,030 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price toward the $2,150 resistance zone. The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,055 level and the triangle trend line.<\/p>\n

The next key support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The key support is now at $1,975. A downside break below the $1,975 support might trigger more losses. In the stated case, Ether could drop toward the $1,930 support zone in the near term.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $2,055<\/p>\n

Major Resistance Level \u2013 $2,080<\/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-33098","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\/33098","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=33098"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33098\/revisions"}],"predecessor-version":[{"id":33106,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33098\/revisions\/33106"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33098"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}