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Ethereum, like bitcoin, has stayed in a positive zone above the $2,000 support in recent sessions. ETH also broke through the $2,100 barrier and traded above $2,150, a new all-time high.
On the hourly chart of ETH/USD, there was a split above a main bearish trend line with resistance around $2,060 during the rise. The stock is now well above the $2,100 support level as well as the 100 hourly simple moving average.
Near $2,150, a new high has emerged, and the market is consolidating gains. The $2,115 range is a good place to start looking for support. It’s close to the 23.6 percent Fib retracement pace of the latest wave from the swing low of $2,004 to the peak of $2,150.
Moreover, a short-term rising channel is emerging with support of around $2,100. Near the $2,080 mark, it seems that big support is emerging. It’s near to the 50% Fib retracement pace of the latest wave from the swing low of $2,004 to the peak of $2,150.
The $2,150 mark is a short-term resistance on the upside. A clear break above the $2,150 high could open the way for more gains above $2,180 and $2,200.
