ETH Starts Consolidating Above $2,050 But The Bulls Remain In Control

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ETH Starts Consolidating Above $2,050 But The Bulls Remain In Control


ETH starts consolidating above $2050 after the minor correction below $2100 against the US dollar. However, the bulls are still in control as the price prepares for a new rally as long as it is above $2K so let’s read more in our latest ethereum news today.

Ethereum is showing signs of fresh increase above $2150 and $2120 with the price now trading nicely above the $2080 support and the 100 hourly simple moving average. There’s another contracting triangle forming with the resistance near $2120 on the charts of the pair with it likely to continue higher above $2120 in the near term. After a new all-time high near $2150, ETH started a downside correction and traded below $2100 support levels.

ETHUSD
Source ETHUSD on TradingView.com

However, the bulls are now active near the $2050 support zone and the 100 hourly simple moving average with a new low forming near $2050 before the price climbed higher. The recent swing high was close to $2132 as the low was formed near $2083. ETH is now rising and trading above $2100 with a new break above the 50% fib retracement level from the decline at $2132 high to $2083 low. It seems like there’s another contracting triangle forming with the resistance near $2120 on the charts of the pair with the triangle resistance closing the 61.8% fib retracement level from eh drop at the $2083 low.

ETHUSD
Source ETHUSD on TradingView.com

A break above the triangle resistance could open the gates for new rises above $2150 which could make the coin rally towards $2050 to the next key barrier for the bulls setting at $2320. If ETH fails to clear the $2120 resistance it could correct lower with another support forming near the $2080 level. The main support is still close to the $2050 level and the 100 hourly simple moving average so more losses could call for a test of $2000 support below which the price could hit $1920. ETH starts consolidating higher as the ETH/USD pair is slowly gaining momentum in the bullish zone. The hourly RSI is above the 50 level.

As recently reported, Ethereum is showing plenty of positive signs above the $2000 support zone and now the price is well above it with the 100 hourly simple moving average. There’s a key bearish trend line forming with the resistance near $2075 on the charts of the pair. The pair will start afresh increase as long as there’s no close below the $2000 support zone.

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