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The price of Ethereum has witnessed a sharp increase, reaching above the mark of $2,050. At the moment, the cryptocurrency is consolidating its gains and it’s expected it may soon prepare for another upturn towards $2,150. Ethereum is encountering resistance near the $2,080 zone which is important as, to continue its rise, it needs to breach this resistance level. Currently, the price is operating above $2,030 and the 100-hourly Simple Moving Average, providing a satisfactory position for Ethereum’s price.
A more detailed observation reveals a short-term contracting triangle formulating, with resistance nearing at $2,080 on the hourly chart of ETH/USD (data obtained from Kraken). If the pair successfully clears the resistance at the $2,080 and $2,090 marks, then a strong rally could be expected. Lower from this, an initial support zone lies at $2,055 and the triangle trend line. Key support is established at $1,975, and failing to maintain above this level could trigger more losses for Ethereum, possibly dropping it to the $1,930 support zone in the immediate term. Therefore, it’s clear that the movement isn’t completely devoid of risks. On an optimistic note, if Ethereum breaches the resistance levels successfully, it could potentially aim for a hit towards the $2,250 level.
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