Ethereum

Rally

Bitcoin

Resistance

Gains

Ethereum price corrected lower below $2,050. ETH is now consolidating above the $2,020 support and might start a fresh increase in the near term. 
<ul> 
 <li>Ethereum is still struggling to climb above the $2,075 and $2,080 resistance levels.</li> 
 <li>The price is trading below $2,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the 100-hourly Simple Moving Average and then $2,075.</li> 
</ul> 
<h2 id="ethereum-price-trims-gains">Ethereum Price Trims Gains</h2> 
Ethereum price struggled to clear the $2,075 resistance zone. The bears took control and pushed ETH below the $2,050 level. However, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-37550/" target="_blank" rel="noopener ">Bitcoin</a> managed to stay above the $37,550 support zone. 
ETH traded below the 50% Fib retracement level of the upward move from the $1,986 swing low to the $2,076 high. Besides, there was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD. 
Ethereum is now trading below $2,050 and the 100-hourly Simple Moving Average. It is now consolidating above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovers-2075/" target="_blank" rel="noopener ">$2,020 support zone</a>. On the upside, the price is facing resistance near the $2,00 zone and the 100-hourly Simple Moving Average. 
The first key resistance is near the $2,075 level. The next resistance sits at $2,090. A clear move above the $2,090 level could send the price toward the $2,130 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563115" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-23.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
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. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,050 resistance, it could continue to move down. Initial support on the downside is near the $2,020 level. The next key support is $2,000. 
A downside break below $2,000 might start a steady decline. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,020 
Major Resistance Level – $2,075

Ethereum Price Rally In Jeopardy? Key Supports To Watch Out In Short-Term

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