Ethereum Price Remains Above $1,980, Eyes $2,050 Resistance

Ethereum Price Update

Ethereum is supported above $1,980 and is rising towards the $2,050 resistance.
The price is currently below $2,040 and the 100-hourly Simple Moving Average.
A bearish trend line forms with resistance at $2,050 on the hourly chart of ETH/USD.
Clearing $2,050 and $2,100 is necessary for a significant price increase.

After failing to maintain levels above $2,100, Ethereum corrected and tested the $1,980 support. A low of $1,982 was recorded, but the price has since risen above $2,000, surpassing the 23.6% Fibonacci retracement level from the recent decline.

The key resistance levels are:

$2,050 - immediate resistance
$2,100 - major resistance
Potential targets if breakout occurs: $2,150, $2,250, and $2,320.

If Ethereum fails to break through $2,050, it may decline further. Initial support is around $2,000, followed by $1,980. A drop below $1,980 could lead to further losses toward $1,920 and potentially $1,880.

Technical indicators show:

Hourly MACD losing momentum in the bullish zone
Hourly RSI below 50

Major support level is at $2,000 and major resistance level is at $2,050.