Ethereum Price Targets $2,150 Again, Bulls Seek Breakout Confirmation

Ethereum price started a fresh increase from $1,950 and is now consolidating gains, potentially aiming for another increase above $2,050. The price is trading above $1,950 and the 100-hourly Simple Moving Average, indicating a bullish trend. A key rising channel is forming with support at $1,960 on the hourly chart of ETH/USD, which could provide a foundation for further gains. Ethereum price managed to form a base and traded above the $1,920 resistance, similar to Bitcoin, and even rallied above the $1,960 and $2,000 resistance levels. The bulls pushed the price above $2,050, forming a high at $2,089 before a downside correction occurred. The price dipped below $2,020 and the 38.2% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high, but the bulls reappeared. Immediate resistance is seen near the $2,040 level, with the first key resistance near the $2,080 level and the next major resistance near the $2,120 level. If the bulls remain in action above $1,960, the price could attempt another increase, potentially sending the price toward the $2,155 resistance or even higher. However, if Ethereum fails to clear the $2,080 resistance, it could start a fresh decline, with initial support on the downside near the $1,990 level and the first major support near the $1,960 zone. The technical indicators, including the Hourly MACD and RSI, suggest that the momentum is still bullish, but losing steam, and the major support and resistance levels are $1,960 and $2,080, respectively.