TA: Ethereum Consolidates Above $ 2,050 So Bulls Are Under Control

Ethereum corrected below $ 2,100 against the US Dollar but remained above $ 2,050. As long as the price of ETH is above the $ 2,000 support, it will start rising again. Ethereum is showing signs of more earnings above $ 2,120 and $ 2,150. The price is currently trading well above the $ 2,080 support and the hourly simple moving average. A large contraction triangle forms on the hourly chart of ETH / USD with resistance near $ 2,120 (data streaming via Kraken). The pair is expected to remain above the $ 2,120 and $ 2,150 levels in the near term. Ethereum price continues to rise After setting an all-time high around $ 2,150, Ethereum has entered a downward correction. ETH traded below the $ 2,120 and $ 2,100 support levels. However, the bulls were active near the $ 2,050 support zone and the 100 hourly simple moving average. A low was formed around $ 2,050 before the price went up. The high of the recent volatility occurred around $ 2,132 and the low around $ 2,083. Ethereum is currently bullish and is trading above $ 2,100. There has been a break above the 50% Fib retracement level since the last drop. A major narrowing triangle appears to be forming with resistance near $ 2,120 on the hourly chart of ETH / USD. Triangle resistance dropped from the $ 61.8% Fib retracement level of the last decline to $ 2,083 from the $ 2,132 low. Source: A successful break above the ETHUSD Triangle resistance on TradingView.com could open the way to a rise above $ 2,150. In this case, the price is expected to rise to $ 2,200 or $ 2,250. The next big hurdle for the bulls could be $ 2,320. Is there a downtrend in ETH? If Ethereum doesn't clear the resistance at $ 2,120, it could correct the downside. The first major support is currently forming near the $ 2,080 level and the lower triangle trend line. Major support is still near the $ 2,050 level and the 100 hourly easy moving average. For even more losses, an extra $ 2,000 test. Necessary Read more

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