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Ethereum Price Prediction: After 5% Surge, Is ETH Increase Just Getting Started?

Started by Bitcoin, Nov 23, 2023, 07:39 am

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Ethereum Price Prediction: After 5% Surge, Is ETH Increase Just Getting Started?

Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and might aim for more gains above the $2,120 resistance.



  • Ethereum remained strong above $1,930 and started a fresh increase above $2,000.

  • The price is trading above $2,020 and the 100-hourly Simple Moving Average.

  • There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair is up over 5% and the bulls could aim for more upsides above $2,100.


Ethereum Price Turns Green


Ethereum price remained well-bid above the $1,930 support after a steady decline post report of Binance settlement. ETH formed a base and started a strong increase above the $2,000 resistance.


There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained over 5% and outperformed Bitcoin. Finally, it tested the $2,100 zone.


A high is formed near $2,092 and Ethereum is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.


It is well above $2,020 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. The first key resistance is near the $2,120 level. A clear move above the $2,120 level could spark another strong increase.


Ethereum Price Prediction


Source: ETHUSD on TradingView.com


The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.


Another Downside Correction in ETH?


If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The next key support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.


The main support is now near $1,980. A downside break below the $1,980 support might trigger more losses. In the stated case, Ether could drop toward the $1,920 support zone in the near term.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is losing momentum in the bullish zone.


Hourly RSIThe RSI for ETH/USD is now above the 50 level.


Major Support Level - $2,000


Major Resistance Level - $2,120


Source: Ethereum Price Prediction: After 5% Surge, Is ETH Increase Just Getting Started?