Ethereum ETH price consolidates above $2,000 as bull’s eye fresh rise.

Ethereum bulls are poised for a new high if the price can overcome key resistance levels around $2,100. ETH has been struggling to find supported momentum but remains supported above the $2,000 mark.

Main points

As Ethereum price struggles to gain momentum above the $2,100 resistance level, bullish signs remain with ETH trading above $2,000 support and the 100-hour SMA ETH faces resistance around $2,090. A break above $2,100 could trigger a new rally.If ETH fails to clear $2,100, there is a risk of a return to $2,000 or a lower support level.Technical indicators show mixed signals – MACD is bearish but RSI is approaching 50.

Ethereum recently tried to break the $2,100 barrier but was unable to sustain the bullishness similar to Bitcoin. This temporarily pushed ETH below $2,050. However, strong support around $2,030 helped prevent further declines.

Ethereum is currently trading above $2,040 and has recovered above the 100 hourly moving average. The first major resistance is around $2,075, which is in line with the 50% Fibonacci retracement of the recent price swing.

Additionally, a notional trend line is forming around $2,090 in the short-term frames. This poses another hurdle for eager bulls. A critical break above both the 2,090 trend line and the $2,100 resistance could be a reason for Ethereum to start a new uptrend.

In that case, ETH could target $2,150 next before facing resistance around $2,220. Above that level, around $2,300 and even $2,450 comes into play. However, failure to overcome immediate obstacles risks a bearish reversal.

Strong support awaits around $2,000 and the 100-hour SMA around $2,030. Below that, Ethereum may drop to $1,930 or $1,850. Technical indicators currently paint a mixed picture, with a bearish MACD divergence while the RSI is approaching neutral levels again.

Ethereum looks poised for a major breakout above $2,100, but will need to decisively crack key overhead resistance. Support levels remain intact for now, but a close below $2,000 could open the door to further declines. Bulls are betting on ETH for a new leg up.