Short Description: Ethereum price eyes a fresh rally if bulls can break the $2,150 crucial resistance level. Here’s what to watch for next.
Read Time: 3 minutes and 20 seconds
Main Article
Ethereum (ETH) has initiated a notable Ethereum price recovery following a period of consolidation, holding firmly above the Ethereum support level of $1,950. After forming a stable base, ETH gained bullish momentum, breaking the $2,020 resistance and the 100-hour Simple Moving Average. A significant technical development was the breach of a key bearish trend line at $2,070, signaling a potential shift in market structure. The rally pushed the price to a high near $2,168, and ETH is now consolidating these gains above the 23.6% Fibonacci retracement level of its recent upswing.
As the Ethereum price consolidates, the next move hinges on its ability to overcome immediate resistance. The primary hurdle is at the $2,150-$2,165 zone. A decisive break and daily close above this barrier could accelerate the uptrend, targeting subsequent Ethereum resistance levels at $2,250 and $2,350. In a bullish scenario, this could open the path for ETH to challenge higher targets near $2,550. However, the current consolidation suggests a lack of immediate follow-through, setting the stage for a potential breakout or rejection.
The market’s direction will be determined by the outcome at the $2,165 resistance. If Ethereum bulls fail to push the price above it, a fresh decline could begin. Initial downside support lies near $2,050, with a more critical support zone at $2,020. A clear break below $2,020 could see ETH retest the $1,950 area. Traders are closely monitoring the $2,020-$2,165 range for the next significant directional move in the near term.
Short Summary
Ethereum’s recovery is testing a critical juncture at the $2,165 resistance. A successful breakout above this level could propel ETH toward the $2,550 zone, while failure could lead to a retest of key support at $1,950. The next directional move for ETH largely depends on whether bulls or bulls gain control at this pivotal range.
