BULLISH 📈 : Ethereum price targets new rally above $2,050 resistance

Ethereum (ETH) has initiated a significant upward movement, surpassing the $2,020 resistance level. The price is currently consolidating above $2,000 and the 100-hourly Simple Moving Average, with potential for further increases.

ETH moved past the $1,980 zone and reached above $2,020 and $2,050 resistance levels.
A bearish trend line with resistance at $2,040 is forming on the hourly ETH/USD chart.
The price briefly exceeded $2,120, peaking at $2,158 before experiencing a correction.
Immediate resistance stands at $2,040, with key resistance levels at $2,080 and $2,120.
An upward break above $2,155 could propel the price towards $2,220 or even $2,250.
If unable to surpass the $2,040 resistance, ETH may decline, initially testing the $2,000 support level.
Further support lies at $1,975, with potential declines toward $1,935 or $1,900 if breached.

Ethereum Price

Technical Indicators:

Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Above 50, indicating a bullish trend.
Major Support Level: $1,975
Major Resistance Level: $2,080

Overall, ETH's performance suggests potential for further gains if it maintains levels above critical support zones.