Ethereum Formed A Bullish Pattern Near A Crucial Level: Analysis

Ethereum formed a bullish pattern near a crucial level at the $1920 support against the US dollar and can revisit the key $2085 resistance so let’s read more today in our latest Ethereum news.

Ethereum remained stable above $1920 support zone and the price is now trading near the $2000 and 100 hourly simple moving average. There was a break above the major bearish trend line with resistance near $1980 on the hourly charts of the ETH/USD pair. The pair can rise further but the $2085 zone is a possible hurdle.

Ethereum extended the decline after breaking the $1950 support and the 100 hourly simple moving average but the bulls are taking a stronger stand near the $1920 support. A new low was formed near $1911 and the price launched a new recovery wave. There was a move above the $1950 and the $1960 resistance levels while ETH climbed above the 50% fib retracement level from the move of $2083 high to $1911 low. There was a break above the major bearish trend line with the resistance near $1980 on the hourly charts of the pair while the ETH price is trading above $2000 and the 100 hourly simple moving average.

The price is facing resistance near the $2020 level and it is getting closer to the 61.8% fib retracement level from the move at $2083 swing high to $1911 low. The major resistance is near the $2040 level and the main new resistance is forming near the $2085 level so a new close above it can open the doors for a new increase. In the stated case, the ETH price can rally towards the $2200 resistance with more gains sending it towards the $2250 resistance. If ETH fails to recover near the $2400 resistance it can start a new fresh decline with the initial support on the downside being near the $1995 zone and the 100 hourly SMA.

The next major support Is close to the $1970 level with a new downside break below this level could call for a new test of the main $1920 support. More losses could clear the path for a sharp drop to $1800. the hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI for the pair is above the 50 levels. Ethereum formed a bullish pattern near a crucial level and the major support level is $1970 while the resistnace one is set at $2085.